Real Madrid are in advanced talks to sign Joselu on a season-long loan from Espanyol, a source has told ESPN.
Joselu joined Espanyol after suffering relegation with Alaves last season but included a clause in his contract which would allow him to move on loan to another club if Espanyol were relegated.
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Espanyol's relegation was confirmed last weekend after a draw against Valencia which has accelerated negotiations for the Spain international to return to the Bernabeu.
The 33-year-old striker played for Castilla between 2010 and 2012, winning promotion to the second division in his second season at the club. He also made his first-team debut under Jose Mourinho that season and scored in an 8-1 victory over Almeria.
Joselu, who has scored 16 goals in LaLiga this season, would arrive at Madrid to fill the void left by the departure of Mariano.
Madrid could also look to bolster their attacking options this summer with ESPN reporting that Karim Benzema is mulling his future after receiving a million-dollar offer from Saudi Arabia.
ESPN also reported last week that Marco Asensio, whose contract expires on 30 June, is in talks to join French champions Paris Saint-Germain.
Madrid have already signed Fran Garcia to bolster their left-back position but a busy summer is expected at the club after a disappointing end to the season in which they failed to compete in LaLiga with Barça and were knocked out of the Champions League by Manchester City.
Sources have also told ESPN that Madrid also remain optimistic about their chances of reaching an agreement with Borussia Dortmund to make Jude Bellingham their star signing of the summer.