Two pre-season friendlies against Lazio will form part of the deal which will take keeper Matteo Sereni to Rome. The 28-year-old looks set to sign with Roberto Mancini's side and get his wish of continuing his career in Italy.
The fee paid by Lazio remains undisclosed but as expected there is also a sell-on clause. However, there is little doubt the Blues have made a massive loss on the £4.8 million paid to Sampdoria in the summer of 2001 with the up front cash likely to be less than £1 million.
Town boss Joe Royle says that the Blues have an agreement with the Roman club and it now remains for Sereni to make his decision: "Nothing is finalised as yet, but I would say a deal is likely. We have agreed the framework of a deal with Lazio and the rest is up to Matteo and his people."
The Italian very much wants to take his career back to Serie A where he performed so well with loan club Brescia last season.
Royle says he feels the deal will be completed and he will look to bring in a new number one before the start of the season: "I expect him to sign for Lazio. He has made it patently clear he does not want to be with us.
"His whole body language tells us that he doesn't want to be here. He is so desperate to get back to Italy that I feel pretty sure he will sign.
"If and when it happens it means our search for a new goalkeeper will be back on. It has only been on hold.
"But it doesn't just mean one out and one in. It's not that simple. We have a number of options, but we are only one of several clubs looking to bring in a new goalkeeper."
Royle's preferred target is understood to be playing in England at present. Released Charlton keeper Ben Roberts, currently training with Coventry, and Celtic's Javier Sanchez Broto are both players interesting Royle, but they are not his first choice.
The Town manager has also been contacted by a number of agents keen to send keepers based on the continent over for a trial. One of these could be Rosenborg's out-of-contract Icelandic stopper Arni Gautur Arason.
Closer to home Everton's Paul Gerrard, a loanee at Town last year, and released Chelsea keeper Rhys Evans have also been linked.
Town's other current senior keepers, Andy Marshall and James Pullen, are available on free transfers despite both having a year left on their Portman Road contracts.