The Argentine midfielder has been deemed surplus to requirement at the Tottenham Hotspur Stadium and the Lilywhites are eager to offload him before 1st September.
Villarreal, the club that benefitted from the 26-year-old’s services during the second half of last season on loan, are keen on having him back and have been holding talks with Spurs.
There is no agreement yet though, according to Radio Castellon, with Villarreal offering a fee of €15m plus €4m in bonuses.
However, the Lilywhites are sticking to their €20m valuation of Lo Celso and want another €3m through add-ons.
The Yellow Submarine will hope to make a breakthrough during talks with Spurs and take Lo Celso back to Spain on a permanent basis.
Lo Celso featured in 22 games for the La Liga side last season, six of which were in the Champions League.
He joined Tottenham from Real Betis, initially on loan in the summer of 2019, and then on a permanent move in January 2020.