Portsmouth have agreed a deal with Colon de Santa Fe for Peru international Juan Vargas.
The 22-year-old is now on his way to England to finalise personal terms and undergo a medical, after the two clubs struck an accord.
Pompey will pay £1.6 million for the defender - who normally features on the left.
Colon will share the fee - which equates to $3 million - three ways as his former club Universitario de Peru and Boca Juniors both hold a share in the player.
Meanwhile, Pompey are locked in talks with San Lorenzo and Racing de Avellaneda - both of whom are hoping to sign Uruguay striker Dario Silva.
Portsmouth could very well fill Silva's space in the squad with David Nugent.
Harry Redknapp is thought to be a big fan of the Preston striker and a bid of £4 million could be enough to land the North End ace.