Villarreal are attempting to set up a swap deal with Boca Juniors for midfielder Juan Roman Riquelme.
Villarreal have nominated Boca star Rodrigo Palacio, along with Mauro Boselli and Jonathan Maidana as potential makeweights, which would see the Spanish club take a percentage of their transfer rights and also gain first option on any move to Europe.
For their part, Boca see the deal as a non-starter, particularly given Riquelme's wage demands.