Talks with Al-Hilal had already been under way, and Barcelona believe an agreement could now be close, with the club hoping to have Cancelo available for their pre-season stage in England, which begins on August 27.
Reports elsewhere in the Spanish press suggest the deal, which would see Cancelo sign for two seasons, is unlikely to cost Barcelona more than around €10million once fixed and variable fees are combined, with Portugal's exit from the World Cup having helped speed up contacts between the two clubs.
The 32-year-old remains under contract with the Saudi club until 2027, and the main obstacle to a deal is the size of his current salary, which Barcelona cannot match. Cancelo, for his part, has made clear to Al-Hilal that he wants to leave and is seeking a solution that allows him to walk away.
Barcelona are optimistic about how the operation will play out following their most recent contacts, and are confident of having Cancelo available for next season, though the club is also aware that closing the deal will not be straightforward given certain tax complications tied to his return to Spain.
Head coach Hansi Flick has personally pushed sporting director Deco to keep Cancelo at the club, having been hugely impressed by his level last season, during which the Portuguese effectively took the left-back spot away from academy graduate Alejandro Balde. In Barcelona's most recent matches, Flick did not hesitate to select Cancelo ahead of the Spaniard, and his performances in that role justified the decision.
Cancelo's versatility is a key factor behind Barcelona's determination to get the deal done, with his ability to play on both flanks giving Flick extra tactical flexibility. Naturally right-footed, he began his career as a right-back, but has proven equally effective, and at times more dangerous, operating down the left.
Xavi used him in that position during his time as Barcelona coach, and Flick did the same last season to considerable effect.