Newcastle have agreed a £9.5m fee with Deportivo La Coruna for striker Albert Luque.
The 27-year-old will undergo a medical at St James’ Park on Friday and is expected to then sign a five-year deal.
Newcastle looked to have missed out on the player earlier in the week after Depor rejected their “final” offer.
But Deportivo president Augusto Cesar Lendoiro said: “The financial conditions are very different to those that had originally been offered.”
After not scoring in their opening three matches Luque’s arrival will be greeted with relief by manager Graeme Souness.
Luque said: “I am delighted a deal has been done. The Premiership is an excellent league. To be in the team next to Alan Shearer would be huge for me.”
The Spain international grew up in Barcelona but was rejected him as a 19-year-old and joined Mallorca. He was loaned to Malaga, where a better showing in 1999-2000 persuaded Mallorca to take him back.
At the start of 2002-2003 Depor spent £10m on him and after a slow start at the Rizor, he eventually earned a place in the starting eleven.