Bradford winger Jermaine Johnson is set to join Championship side Sheffield Wednesday after the clubs agreed a fee.
The 26-year-old Jamaica international had a clause in his contract which allowed him to speak to other teams if an offer above a certain amount was made.
A statement on the club's website said: "Bradford City have shook hands on a deal with Sheffield Wednesday for the transfer of Jermaine Johnson and the fee is well in excess of the £250,000 bid Derby County had turned down last month.
"Personal terms have yet to be finalised and Wednesday have to get the deal done before the end-of-month midnight deadline but Johnson's new work permit must be finalised by Tuesday night.
"The deal will represent a huge profit for City for a player they picked up for nothing from Jamaican club side Tivoli Gardens in June."
City chairman Julian Rhodes added: "We have done everything in our power to keep him with the football club for as long as we can."