The Spanish winger seemed set to join Livingston only for the West Lothian club to drop their interest, but now Inverness are hoping to bring him back to Scotland.
Juanjo is available on a free transfer and Inverness director of football Graeme Bennett admitted a deal was close to completion.
"We are waiting to tie up one or two loose ends so he can sign later in the day," said Bennett.
The Highlanders have also signed Darren Dods and Richard Hastings after successful trials at the club.
Dods has signed a one-year deal while Canadian international Hastings returns to Caley Thistle after inking a two-year contract - with both players arriving on free transfers.
One player who will not be joining the SPL newcomers is Aberdeen midfielder Paul Sheerin.
Thistle have shelved their interest in Sheerin after failing to agree a deal with Aberdeen.
"We agreed a deal with Paul but he could not come to an agreement with Aberdeen so we have dropped our interest," added Bennett.
