Liverpool striker Michael Owen will join Real Madrid in an £8m plus player deal according to a source close to the club, BBC Five Live has reported.
As well as the fee, it is believed Liverpool will also receive right-sided midfielder Carlos Nunez.
So far there has no been no official confirmation from either club.
Owen was expected to move to Real after being left on the bench for Liverpool's Champions League game against Graz AK on Tuesday so as not to be cup-tied.
With just one year left on his Liverpool contract, Owen would be able to leave the club he has been at since he was 11-years-old for free at the end of the season
While the 24-year-old striker has always insisted he would not allow that to happen, it appears the Anfield bosses have decided to ensure they cash in.
And if Owen does unite with England captain David Beckham at Real, the transfer fee could help fund Liverpool's interest in midfielder Xabi Alonso.
The Real Sociedad player is valued at around £10.7m and is viewed as a replacement for Danny Murphy, who has joined Charlton.