Liverpool moved closer to exchanging full-back Josemi for Villarreal defender Jan Kromkamp after both players agreed personal terms.
Kromkamp has now agreed personal terms with Liverpool
The swap deal will go through subject to Kromkamp, 25, and Josemi, 26, passing their respective medicals.
A Liverpool spokesman confirmed: "We have reached agreement and hope the transfer can be concluded next week."
The transfer should benefit both players who have struggled to settle at their current clubs.
Rafael Benitez made Josemi, 26, his first signing as Liverpool boss in July 2004, buying him from Malaga for £2m.
Dutch international Kromkamp moved to Spain from AZ Alkmaar in the summer.
"Josemi is a right-back with some problems here with English, and Kromkamp has problems with Spanish," said Liverpool boss Rafael Benitez.
"Maybe this swap will be good for both of them. Josemi is happy here, but he sometimes prefers to talk in Spanish.
"Kromkamp has the same problem at Villarreal with the Spanish language."
The defender will become Benitez's first signing of 2006, and will provide competition for Steve Finnan at right-back, although Benitez hinted there could be more new faces at Anfield.
"I still need to strengthen in the centre of defence," said Benitez.
"We have four or five options we are considering."
Spanish-born Josemi, whose full name is Jose Miguel Gonzalez, has struggled to break into the first team after a series of injuries.
Kromkamp is also not a regular at Villarreal and has only made six appearances for the senior side this season.
The former AZ Alkmaar player made his international debut against Sweden in August 2004 and has since won eight caps under coach Marco van Basten.