Villarreal winger Javier Aquino is reportedly close to joining Rayo Vallecano on loan.
The Mexican had appeared set to join Celtic on a season-long loan, but the move broke down after the two clubs failed to agree on a price.
Villarreal are reportedly not prepared to lose the attacker on a permanent deal, but are keen on agreeing a loan.
According to Inside Spanish Football, Rayo have now emerged as the favourites to acquire the 24-year-old on a short-term deal.
Aquino scored twice for the Yellow Submarine last season.
