The French striker joins Espanyol on a season-long loan without an option to buy.
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Cardona spent last season in a similar deal with St Etienne, where he scored 10 goals in 22 games to help Les Verts return to Ligue 1.
The attacker is also a former AS Monaco player.
After passing the medical examination, on Monday he will be presented at the RCDE Stadium along with fellow new additions Alex Kral and Alejo Véliz.