The Argentinian international was omitted from Spurs’ preseason squad last month in order to negotiate his exit from North London.
The 26-year-old joined the Yellow Submarine on loan in January and became a key player for Unai Emery in the second half of the 2021/22 season.
The two clubs have been in negotiations with Spurs boss Antonio Conte already bringing in Yves Bissouma as his replacement at the Premier League giants.
As per reports from The Athletic, Spurs have now agreed to accept a lower fee than a previously quoted €30m asking price.
Villarreal have now agreed to a €20m package for the former Real Betis schemer with fellow midfielder Tanguy Ndombele also set to leave.