Hull City had been in advanced talks to sign the 26-year-old on an initial loan, but their hopes have now faded after boss Sergej Jakirovic confirmed they were set to miss out to a club prepared to make the move permanent.
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Sky Sports News understands that fellow promoted side Ipswich Town have now moved ahead of Hull in the race for the Portuguese midfielder.
Florentino, who joined Burnley after making his name in European football, could become a major addition to Ipswich’s midfield as they strengthen their squad ahead of the new campaign.
The proposed permanent transfer would represent a significant investment for the Tractor Boys.