Liverpool midfielder Harvey Elliott is expected to join Valencia on loan for the rest of the season.
The 23-year-old spent last season on loan at Aston Villa but made only one Premier League start for them.
Valencia, who finished ninth in La Liga last season and did not qualify for Europe, had been working to find a financially viable way of making the loan deal work.
Elliott is yet to undergo a medical at Valencia. La Liga’s transfer window closes on Tuesday at 23:00 BST.
The Spanish club want Liverpool to cover half of the midfielder’s wages. It remains unclear what the exact wage split will be.
Sources indicate there is no option or obligation for Valencia to buy Elliott in the terms of the loan deal.
Elliott featured regularly during Liverpool‘s pre-season under new head coach Andoni Iraola but has subsequently been left out of the club’s first two Premier League squads.
The former England Under-21 international’s contract with Liverpool runs until 2028.
Elliott joined Liverpool from Fulham aged 16 in 2019 and spent the 2020-21 season on loan at Blackburn Rovers in the Championship.
Meanwhile, Liverpool defensive midfielder Stefan Bajcetic has joined boyhood club Celta Vigo on a permanent deal.