Porto are said to be ready to raise their offer for Alfredo Morelos after holding talks with his agent on Thursday.
The Rangers striker has been heavily linked with a move to the Portuguese giants, with some outlets stating that personal terms have been agreed in principle.
El Bufalo was wanted by Lille last summer, with manager Steven Gerrard admitting that the Colombian's head was turned, but the eventual Ligue 1 champions couldn't meet the asking price.
Agent Michael Gorman was said to be in Portugal on Thursday to discuss a deal for Morelos, and A Bola believes a deal is getting closer.
They state that Porto are ready to offer €12million (£10.3m) with the potential for a further €5m (4.3m) in bonuses for a potential fee of close to £17m.
Last summer the fee was set at around £20m and it remains to be seen if that offer would be enough to tempt Rangers.
However, Colombian journalist Pipe Serra believes that the Ibrox could would be willing to accept the £10.3m up-front fee, with discussions continuing over bonuses.
Morelos moved to Scotland in 2017 from Finnish side HJK Helsinki.
He's gone on to make 182 appearances, scoring 92 goals for the club.
