The South American spent the second half of last season on loan with the Portuguese outfit, and Benfica boss Jose Antonio Camacho was keen to extend his stay.
A deal now looks to be in place after talks between Benfica president Luis Felipe Vieira and Barca officials, and the player himself expressed his delight at the prospect of returning to the Lisbon-based outfit.
"This is excellent news, staying at Benfica was always my aspiration," Geovanni stated.
The player's wages will be paid by both clubs, and Benfica will have the option to complete a permanent transfer at the end of the next campaign.
