Atletico Madrid are hoping to pip Chelsea to the signing of Vitolo by loaning him out to Las Palmas until January.
Atletico and Chelsea are interested in the Sevilla winger this summer and they can sign him if they meet his £35m release-clause.
However, Atletico's pursuit of the Spaniard had looked unlikely given the fact they are banned by FIFA from registering new players until January.
That means Vitolo would be unable to play for the Spanish side for the first half of the season and it is a situation that put Arsenal-bound Alexandre Lacazette off joining the club.