Venezia FC have agreed to pay €5m for forward Fernández, with contracts currently being drawn up ahead of a final signing, while Barcelona have kept both a resale percentage and a buy-back option as part of the structure.
Defender Cortés, meanwhile, is set to join Belgian side Antwerp in a permanent deal worth €3.5m, on essentially identical terms - a sell-on clause and repurchase option retained by the Catalan club.
Neither transfer is expected to be announced immediately, with Barcelona instead focused on confirming a third, higher-profile departure first: the sale of Héctor Fort to Real Sociedad, understood to be worth around €8m for half of his rights, which is expected to be made official as soon as Saturday.
The moves reflect a strategy Deco has increasingly relied on in recent years, using Barcelona's academy pipeline as a source of transfer income rather than simply first-team reinforcements. With limited pathways into Hansi Flick's senior squad, several La Masia graduates have found themselves surplus to requirements even while attracting solid interest across Europe.
Fernández, an attacker who progressed through Barcelona's youth ranks without breaking into first-team contention, moves to a Venezia side newly returned to Serie A and looking to add depth up front.
Cortés, a centre-back who spent time in and around Barcelona's B team, joins an Antwerp side hoping his physical profile can strengthen a Belgian top-flight defence. Both deals are structured to give Barcelona a financial stake in either player's future development, a now-familiar pattern in how the club handles academy exits, most recently applied to Héctor Fort's own move to San Sebastián, confirmed in these pages this week.
Together, the three departures underline the scale of Barcelona's summer clear-out at academy level, even as the club continues to insist its priority remains bringing through home-grown talent for the first team. The relatively modest fees involved - none exceeding €5m - reflect the players' peripheral status rather than any lack of ability, with all three retaining sell-on clauses that could yet prove lucrative for Barcelona if any of the trio go on to flourish at their new clubs.