Lo Celso spent the latter half of the recent season at Villarreal on loan and played a major role in their run to the last four of the Champions League.
The Spanish club have been keen to sign him on a permanent deal and the Argentinian has also been pushing to stay with the Yellow Submarine.
A deal with Tottenham was expected to be the stumbling block as the north London club were prepared to sell him, but were not ready to take a massive loss on the player.
However, according to Radio Castellon, a deal is close to being completed between Spurs and Villarreal for the midfielder’s transfer.
Tottenham were initially asking for a fee of around €24m, but Villarreal have managed to negotiate down the terms.
An agreement is likely to be completed for a fee in the region of €16m to €18m for Lo Celso to join Villarreal on a permanent move.
Villarreal have already decided on when they want to announce the signing provided everything goes according to plan.
