Banega joined Inter on a free transfer from Sevilla last summer, going on to make 33 appearances in all competitions for the Nerazzurri during the 2016-17 campaign.
Incoming boss Luciano Spalletti has allowed the Argentina international to move on this summer, leading to rumoured interest from French giants Paris Saint-Germain, but a return to Sevilla is expected to be wrapped up in the coming days.
"Banega will go to Sevilla, there's nothing with Paris Saint-Germain," representative Marcelo Simonian told Estadio Deportivo. "The deal is not done yet, but we're very close. Everything seems to be going in the right direction."
Reports in the Italian media suggest that Banega will pen a three-year deal at the Estadio Ramon Sanchez Pizjuan.