The News of the World says Soldado, 24, is expected to agree terms on a £45,000-a- week deal to take him to Ewood Park.
Rovers chief Sam Allardyce has been desperately hunting for a goalscorer since he lost Roque Santa Cruz to Manchester City in the summer.
Soldado scored 63 times for Real Madrid's 'B' team and has been capped at every level for his country.
Since moving to Getafe for £4m in 2008, he has continued his impressive record with 20 strikes in the Primera Liga.
The Soldado deal will break Blackburn's eight-year-old record fee when they paid £8m for Andy Cole.