The 15 year-old is currently playing for Barca's Juvenil B.
Sport says on the 12th January, Larios will turn 16 and it's at that point he will be eligible to sign his first professional contract. Sources at Barça believe the player - and his family - have already made the decision to move to England and join up with Pep Guardiola's team.
This comes at the same time Barça are in negotiations to improve the youngster's existing contract.
The plan was to promote Larios to Juvenil A and make him the third highest-paid player in the academy behind Ilaix Moriba and Ansu Fati.