The Mirror says the River Plate attacking midfielder, who plays in the same position and style as Lionel Messi, is heading for talks with Redknapp in the next few weeks - after deciding he wants to come to England.
Murguia, 18 in July, has refused to sign a deal with River Plate and been offered deals from clubs in both Spain and Italy. But his family prefer him to come to the Premier League.
The youngster is due to play in the South American under-17 championships this month and then come to London to sort out the deal. He can join permanently in the summer.