Real Betis have a finalised agreement in place with Manuel Pellegrini to become their new coach on a two-year deal with the option of a third season.
The details are outlined in a report from ABC de Sevilla, who say the Chilean was also wanted by Valencia and Fenerbahce but has chosen to join the Seville-based club.
It follows a similar report from Radio Marca on Friday that said the finishing touches were now being put in place on an agreement, which may be announced as early as this week.
It is said that Betis tried to appoint Pellegrini a year ago when Setien left the club, but his position at West Ham and the subsequent compensation package meant any move was not feasible.
The Chilean is well-respected within Spanish football having enjoyed stints at the helm of Villarreal, Real Madrid and Malaga.
Pellegrini – who has been out of work since leaving West Ham in December – is now the favourite to be appointed at Betis, following the dismissal of Rubi last week.
Earlier this week it was outlined by both Marca and Diario AS that the former Manchester City boss was favourite for the job in Seville.
The Radio Marca report adds that former Monaco and Villarreal sporting director Antonio Cordon will be head up a new-look sporting department at the club, although this is yet to be confirmed.
Pellegrini coached Villarreal between 2004 and 2009 – famously steering them to the Champions League semi-final in 2006 – before his appointment at Real Madrid, whom he left after just one season having failed to win a trophy despite Los Blancos collecting 96 points in La Liga.
He then spent three years at Malaga – who were within one minute of the last four in the Champions League in 2013 before going down to Borussia Dortmund – and then spent a further three campaigns at Manchester City, with whom he won the Premier League title in his debut season.
Pellegrini subsequently had stints in charge at Hebei China Fortune and West Ham, whom he guided to a top half finish in the Premier League last season before his dismissal in December.
Former Malaga and Watford boss Javi Gracia and Marcelino Garcia Toral, most recently at Valencia, have also been linked – via Estadio Deportivo.
A sensational report in El Desmarque from Monday suggested Betis vice-president José Miguel López Catalán is championing the idea of reappointing Quique Setien – currently at Barcelona after leaving Betis a year ago – as boss this summer, although such a move appears unlikely at this juncture.
