Liverpool midfielder Harvey Elliott is expected to join Valencia on loan for the remainder of the season. The 23-year-old is yet to undergo a medical at the Spanish club.
Valencia, who finished ninth in La Liga last season, had been working to find a financially viable way to secure the loan deal. The club reportedly wants Liverpool to cover half of Elliott's wages, though the exact split remains unclear.
Sources indicate that the loan deal does not include an option or obligation for Valencia to buy Elliott. The former England Under-21 international's contract with Liverpool runs until 2028.
Elliott featured regularly during Liverpool's pre-season under new head coach Andoni Iraola but has since been left out of the club's first two Premier League squads. La Liga's transfer window closes on Tuesday at 23:00 BST.