Aston Villa are in talks to sign Alejandro Garnacho from Chelsea.
The proposal under discussion is a potential loan, but Chelsea want a permanent element attached to any deal for the winger.
Sky Sports News understands Chelsea are prepared to sell Garnacho for £42.7m (€50m) in this window.
Xabi Alonso admitted at his unveiling last week that Chelsea are working with the player and his representatives to find a solution which suits all parties.
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Roma are also interested in signing Garnacho, while the former Manchester United winger also has admirers in the Saudi Pro League.
Garnacho has not returned to pre-season training as he seeks a resolution.
The deal comes after the two clubs negotiated a British record transfer fee of £117m for Morgan Rogers to go in the other direction.
Is Garnacho the right fit on the left for Aston Villa?
Analysis from Sky Sports' Callum Bishop:
In a tough first season for Chelsea, Garnacho struggled to make much of an impact in an already overcrowded left-hand side. The Argentine managed just 1217 Premier League minutes across his 25 appearances last term, an average of less than 49 minutes per game.
That is less than both Morgan Rogers [1528] and Emiliano Buendia [1527] managed in the same position while sharing the workload off the left flank for Villa last season.
Their average returns were far more superior too. Garnacho's five goal involvements saw him average one every 243 minutes compared to Rogers' record of a goal involvement every 90 minutes, and Buendia's of every 190.
Should Villa bring in Garnacho, it would surely mean a tweak in Unai Emery's system when the Argentine is on the pitch.
With Buendia and Rogers, there is a versatility that not only sees them able to play on either flank, but also show a tendency to move inside.
Garnacho has operated on the right-hand side previously. He scored a goal in the FA Cup final win for Manchester United over local rivals City while operating from that flank. Cut inside though? That's something you see far less from the winger.
His tendency is to hug the touchline and stay wide. In doing so, it would mean that Emery would need to be flexible with his attacking patterns, or Garnacho would have to show adaptability. Which is more likely?
Chelsea are Club World Cup champions. They have not always been world class on the pitch during the BlueCo era but they have been world-class sellers.
They have already ensured enough outgoings this summer to cover the £117m cost of Rogers. Chelsea raised around £130m from selling players like Marc Cucurella, Andrey Santos and Tyrique George and the sizeable compensation from Man City for poaching Maresca certainly helped too.
The likes of Reece James, Palmer and Joao Pedro are seen as untouchable assets, but other members of the first team squad will depart for sizeable fees - Garnacho, Nicolas Jackson and Trevoh Chalobah are likely to bring in another £100m if they go.
Malo Gusto is another player facing an uncertain future and Chelsea value him at an eye-watering £75m. Defenders Benoit Badiashile and Axel Disasi are also expected to go.
Despite not being in Europe this season, Chelsea will still be subjected to UEFA's stricter financial rules. Last summer, Chelsea entered into a four year settlement agreement with UEFA for breaching regulations and they'll look to demonstrate progress in showcasing financial sustainability following this window.
Chelsea brought in around £300m from player sales last summer and given the need to move on a number of defenders who are surplus to requirements and at least one striker, it could be another impressive summer of trading.
