Espanyol want to take Newcastle United centre-half Fabricio Coloccini on a season-long loan with a view to a permanent deal.
The Argentina defender is thought to be keen on a return to Spain after disappointing since joining from Deportivo La Coruna for about £10million last summer.
However, Espanyol would be reluctant to pay much more than half his £60,000 a week pay deal at St James' Park, meaning the 27-year-old would have to accept a pay cut or ask Newcastle to subsidise the move.
Heading out of Toon: Coloccini would be keen on a return to Spain
Espanyol could make a move for Paris Saint-Germain left winger Jerome Rothen.
The France international has been shown around Ewood Park, but Blackburn Rovers boss Sam Allardyce is looking at other options and is in no rush to conclude a deal for the 31-year-old.