Barcelona and Valencia are in talks with Boca Juniors over a move for Agustin Almendra, Goal understands.
The 18-year-old central midfielder is one of South America's brightest prospects, and is currently the captain of Argentina's U-21 side.
Almendra has broken through with Boca in 2018, making his senior debut earlier this year and quickly becoming a key part of the first team.
Several European clubs have been tracking Almendra of late, including Real Madrid, Atletico Madrid, Villarreal, Juventus and Napoli.
But it is Valencia and Barca who have taken the first concrete steps toward signing Almendra, having begun talks with Boca over a potential move.
The two Liga clubs are working towards signing the promising teenager in the January window, though Almendra would not necessarily join either side next month.
Barcelona manager Ernesto Valverde says that he doesn't expect the club to do any business during the January window, though, adding that he would gladly see out the month without any arrivals or departures.
Should Barca or Los Che secure Almendra's signature, they could immediately loan him back to Boca so he can continue his development.
Almendra has started nine of Boca's 14 games in the current season, though he only managed one appearance in the knockout phase of the Copa Libertadores.
Boca fell to arch-rivals River Plate in the final, which concluded earlier this month after being delayed several times after fan unrest in Buenos Aires.