Sporting director Monchi had made the position clear last Wednesday following the presentation of Vanja Drkušić as Espanyol's fifth reinforcement of the window.
"Our object of desire is a winger," Monchi said at the time, and that gap now looks set to be filled by Zaragoza rather than any late alternative or bargain that might have emerged before the market closes.
According to transfer specialist Fabrizio Romano, and confirmed by AS, the 24-year-old has chosen Espanyol as his next destination, with the Catalan club finalising terms with Bayern Munich for a loan carrying a subsequent option to buy, a structure that fits both Espanyol's financial situation and the pattern of Monchi's other deals this summer.
Zaragoza has spent each of the last three seasons out on loan, moving between Granada, his parent club at the time, Osasuna, Celta Vigo and Roma, and remains outside Vincent Kompany's plans at Bayern.
The Belgian coach previously worked with Alan Pace, Espanyol's president, during his time at Burnley, though that connection appears incidental to the move. Zaragoza had other options on the table, including interest from elsewhere in LaLiga and from clubs in Saudi Arabia, but opted for Espanyol instead.
The winger was not Espanyol's first choice for the position. The club had spent much of the summer waiting on the possibility of a loan for Arnau Ortiz, but his promotion into Atlético Madrid's first-team plans effectively closed off that route, accelerating a separate line of talks with Zaragoza that had also been open for several weeks.