GYLFI Sigurdsson is heading back to Swansea City in a straight swap deal for Ben Davies.
Tottenham star Sigurdsson is set to tie up his return to the Liberty Stadium in the next couple of days with Davies moving in the opposite direction.
And in a separate deal, Swansea goalkeeper Michel Vorm is poised to join Spurs for a fee which is likely to be in the region of £2.5 million.
Garry Monk will be delighted to secure Sigurdsson, the attacking midfielder who made such a big impression when he was on loan in Wales in the second half of the 2011-12 campaign.
But it is a blow for Swansea to lose Davies, the local lad who has starred for them since breaking into the first team almost two years ago.
Spurs had been tipped to pay around £10 million for the Welsh international left-back.
But with Swansea keen on Sigurdsson, it is understood the two clubs have now agreed to a swap.
Vorm, meantime, is on his way to Spurs after Swansea's decision to sign Lukasz Fabianski cast major doubt over how much game-time he would get.
The Dutch international is now set to compete with French No. 1 Hugo Lloris for the goalkeeper's jersey at White Hart Lane.
Davies left Swansea's pre-season trip to America over the weekend to join up with Tottenham - who are also in tour in the States - to undergo a medical.
He was not on the plane when Monk's men set off for home last night.
Sigurdsson has departed the Spurs camp as he looks to complete his move to Swansea.
Liverpool were also keen on Davies, and saw an offer worth around £8 million rebuffed last week.
But Swansea have now agreed to let him go, thanks in part to the fact that they have a ready-made replacement already on the books in the shape of Neil Taylor.
Wilfried Bony is another player who is rumoured to be on Spurs' radar.
The Ivorian has attracted plenty of attention this summer after a sensational debut Premier League season.
He has also been linked with the likes of Liverpool, Everton and Arsenal.
There are also reports doing the rounds that Ki Sung-Yueng is stalling over a proposed move to Aston Villa as he waits for other offers.
The South Korean's future remains unclear after he spent last season on loan at Sunderland.
Swansea, meanwhile, remain close to confirming the signing of Ecuador winger Jefferson Montero.