Atletico Madrid have given Yannick Carrasco permission to negotiate with a Chinese club with a view to a potential transfer.
Reports in Spain claim that Chinese Super League side Dalian Yifang are prepared to pay €30 million to acquire the Belgium international. The Chinese Super League transfer window closes on Feb. 28.
Under contract with Atletico until June 2022, Carrasco has scored three goals and set up four more in 17 league appearances this season, eight as a starter.
"Carrasco informed the club that he has received an offer from a Chinese club and Atletico has granted the player permission to negotiate and once he reaches an agreement, [to] come back with a firm offer," an Atletico club source told ESPN FC. "But there is a time limit."
Carrasco, 24, joined Atletico in summer 2015 and has scored 17 goals in 81 appearances. If the deal is completed, Carrasco's former club, Monaco, would receive 25 percent of the sale.
Dalian Yifang earned promotion to the top flight of Chinese football for this season after winning the China League One title last year, and reports in China indicate Wanda Group are set to return to ownership in the Chinese Super League by purchasing a controlling stake in the club.
According to reports, Wanda, owned by billionaire Wang Jianlin, will complete the deal this week, while Dalian Yifang issued a statement via the club's social media channels claiming an announcement is imminent.
"Tomorrow afternoon Dalian Yifang will release important information," the statement released in response to the speculation on Thursday said. "Please wait for our official announcement."
The company, which earlier this month divested most of its holding in Atletico Madrid, previously backed Dalian Wanda, who won four Chinese league titles from 1994 and 1999 and reached the final of the 1998 Asian Club Championship.
Dalian were then taken over by the Shide Group at the end of 1999 and won the Chinese league title another four times before the club was dissolved in 2012.
ESPN FC's China correspondent Michael Church contributed to this report.