The Spanish club may exercise the right to buy the 26-year-old at the end of the campaign, with a three-year deal already agreed.
Aspas joined Liverpool from Celta Vigo at the beginning of last season for a fee of £7m.
But the Spaniard made only 14 appearances for the Reds - nine of them as a substitute - and scored just one goal.
His move is subject to passing a medical.
Liverpool have agreed the £75m sale of striker Luis Suarez to Barcelona, but are closing in on a £20m move for Benfica winger Lazar Markovic to add to deals already completed for former Southampton pair Adam Lallana and Rickie Lambert.
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