Sevilla attacker Vitolo is said to have rejected the chance to join Chelsea and is instead on the verge of completing a move to Atletico Madrid.
The Rojiblancos are able to get around their transfer ban - upheld by the Court of Arbitration for Sport last month - by offloading any new recruits on loan before officially registering them in the New Year.
According to Las Palmas sporting director Toni Cruz, Atletico are close to winning the race for the 27-year-old and will send him to the Gran Canaria-based club until the January transfer window opens.
"The president has reached an agreement whereby if Vitolo signs for Atletico Madrid, he'll be at Las Palmas until January," Cruz told reporters.
Chelsea were reportedly prepared to send one of Michy Batshuayi or Kurt Zouma to Sevilla in an attempt to land £35m-rated Vitolo, who played a part in 12 goals across his 30 La Liga appearances last season.