Spanish forward Alberto Bueno is out of contract with the Spanish club, at the end of the current season.
According to the front page of Portuguese sports newspaper O Jogo, despite plenty of interest from clubs in La Liga and the Premier League, it's FC Porto who have stolen a march on the competition, with claims an agreement has been reached with Bueno.
The Portuguese outlet highlights that Bueno will join at the expiry of his Rayo Vallecano contract in June, at the request of their Spanish coach Julen Lopetegui.
The former Spain Under-21 coach also has past experience working with the player, having coached him in the Real Madrid youth system, where the forward made his professional breakthrough.
Unquestionably one of the revelation players in La Liga throughout the 2014-15 campaign, Rayo forward Alberto Bueno has really been making a name for himself this season.
Excellent form, consistently high-quality performances and perhaps most importantly, sixteen goals scored in 28 matches during the campaign, has seen the 27-year-old regularly hitting the headlines in Spain.
Even the Spanish national team manager, Vicente Del Bosque, has been keeping a keen eye on how Bueno has been doing. Inevitably, so have numerous other clubs, conscious the player is out of contract with Rayo Vallecano this coming June.
Unfortunately for Rayo Vallecano, with one of the lowest budgets in La Liga and most players retained on one-year deals, the struggle to keep hold of their best and brightest talents, is an annual battle.
Able to sign the Bueno on a free transfer, it really looks like Porto and Lopetegui might have secured themselves an absolute bargain, but at a press call on Monday, he refused to discuss the move.
When questioned about signing a deal with Porto, via AS, Bueno simply explained: "I'm focused on the present. My agent is working on all the offers, on all the possibilities, whilst my mind remains fixed on our next game."
Bueno is in his second season at Vallecas, having joined Rayo from Real Valladolid. Derby County passed on the opportunity to sign him, after a loan spell during the 2010-11 campaign in the Championship.