Alvaro Negredo is likely to leave Manchester City for Valencia before Monday's deadline, according to Sky sources.
The Spain striker is expected to return to La Liga on an initial loan, although Valencia will also be committing to a permanent deal in the future.
Manuel Pellegrini said at the weekend he wanted to keep Negredo, who is currently sidelined after breaking a bone in his foot in pre-season, but neither the injury nor the manager's comments appear likely to prevent a last-minute deal being done.
Negredo scored 23 goals in his first season in England following his move from Sevilla, but the last of those came in January.
The 29-year-old is among five players who either have left, or could be on the way out of, the Etihad before the deadline.
Micah Richards has joined Fiorentina on a season-long loan, while Scott Sinclair is interesting Swansea and Stoke after being told he does not feature in Pellegrini's plans.
Matija Nastasic has been linked with a number of clubs in England and abroad despite his wish to stay and fight for a first-team place, and Palermo are chasing a loan deal for striker John Guidetti.