Both clubs are believed to have agreed a deal which will see the highly-rated playmaker move to Stade Velodrome for the rest of the season with the view to a permanent move.
The 24-year-old has failed to establish himself at The Santiago Bernabeu and he has been loaned out on a number of occasions to get first team football.
It is unlikely that Pizarro will be needed by Real with their star-studded squad and they are prepared to offload him.
Marseille sporting director Bernard Tapie is keen to bolster the squad before the winter transfer window closes and they could also be set to make a move for out-of-favour Barcelona striker Alfonso.
The Spanish international has been a fringe player at Camp Nou since joining from Real Betis two seasons ago and he is keen on a move away for first team football.
The 30-year-old has failed to hold down a place in the side with Patrick Kluivert, Rivaldo and Javier Saviola all fighting for places in the team and Benfica have been monitoring his situation.
