The Rojiblancos are keen to bring in a goalkeeper, two centre-halves, a right-back and two midfielders in a bid to revamp a squad which finished ninth in La Liga in 2011-12
The Chilean teenager, who is currently plying his trade with Colo-Colo, has been heavily linked with the Rojiblancos and, according to Marca, his transfer is effectively a done deal.
The paper also claims that Javi Hervas will be reintegrated into the first team after spending the second half of this season on loan at Cordoba.
In addition, Michel has reportedly identified five new players he wants to sign during the upcoming transfer window, including a goalkeeper, with the former Real Madrid winger said to be open to allowing either Andres Palop or Javi Varas to move on.
Michel, who took charge of Sevilla in February following the dismissal of Marcelino Garcia Toral, also apparently wants to bring in two centre-halves, a right-back and a defensive midfielder as he attempt to restore the club to their former glory.