The Sun says Riquelme, 29, has not played at all this season and Sam Allardyce is weighing up an £8million move to boost his midfield options.
Brazilian club Fluminense and Atletico Madrid remain interested but Allardyce will tempt playmaker Riquelme with the guarantee of first-team football.
Villarreal president Fernando Roig wants a deal sorted as soon as possible and admitted: "I think that the situation is going to be solved in December."