Atletico Madrid have agreed a fee with Deportivo La Coruna for full-back Filipe Luis.
The Brazilian defender is rated as one of the finest left-sided players in Spain and was a likely candidate to play in the position for his country at the World Cup in South Africa.
However, the 23-year-old suffered heartbreak after breaking his fibula against Athletic Bilbao in January and despite returning before the season's end, Lyon's Michel Bastos was given the role.
Filipe has made over 100 appearances for Deportivo, impressing Atletico boss Quique Sanchez Flores sufficiently for him to offer 12million euros for his services.
Filipe will sign a four-year deal at the Vicente Calderon after undergoing a medical, with Depor making the sale to pay off some of their debts for other players.
"We believe there are only a few details left to be sorted out," Depor president Lendoiro said on arrival at a Spanish Football Federation (RFEF) meeting in Madrid.
"Until there is something signed, there is nothing we can say (officially), but let's say things are very advanced.
"I imagine he (Filipe) is already here (in Madrid). The idea I have is that he will have arrived (to finalise the move)."
His sale will allow the club to pay off the reported 4million euros owed to midfielder Sergio Gonzalez in unpaid wages.
Failure to pay that debt by 2nd August could have seen the Galician club punished with relegation to the Segunda Division.
Deportivo also owe Atletico close to 2million euros for the transfer of defender Ze Castro last year and that debt should also be wiped out thanks to the sale of Filipe.