The two clubs have confirmed they have ‘an agreement in principle’ with the La Liga giants handing over a fee of around £49million for the winger.
It has been reported that fee could rise to £54.7million with add-ons agreed as part of the deal.
It is the second big departure of the summer after England midfielder Kalvin Phillips moved to Manchester City and Whites manager Jesse Marsch has already stated the money from both deals "allows us to take the club on the next steps we need to go in the future".
But where will Marsch turn next in the transfer market?
The likes of Marc Roca, Tyler Adams and Luis Siniterra have already joined this summer and aided by the funds raised through the sales of Raphinha and Phillips, Marsch will hope to further strengthen his ranks.
The YEP takes a look at the 9 deals most likely to happen with the aid of odds provided by SkyBet.