Talk of a move back to Spain has rumbled on for weeks, and an agreement now appears close: Celta are expected to pay around €1.5m plus add-ons, with Liverpool retaining a buy-back clause as part of the structure, according to reports.
The 21-year-old began his career in Celta's academy before Liverpool signed him as a 16-year-old, and the switch marks a full-circle moment for a player whose Anfield career never recovered from a serious injury setback.
Bajcetic burst onto the scene as a 17-year-old under Jürgen Klopp, who could not hide his admiration at the time.
"So far there were no signs we have to rest him, which is good for us. Stefan played exceptional and not because he is only 18, he just played exceptional. Top talent, super player," Klopp said during that breakout campaign.
"Since he is with us it is a pure joy to work with him. I think the mix of Serbia and Spain is a good one for football. If you meet him he is a top, intelligent boy and it is a joy to work together."
Of his 22 total appearances for Liverpool, 19 came during that same 2022-23 season - since then, persistent fitness problems have restricted him to loan spells at Salzburg and Las Palmas, and he has not featured for the first team since May 2024.
His departure comes as Liverpool's midfield options have been reshaped without any major investment this summer, with Dominik Szoboszlai, Ryan Gravenberch and Alexis Mac Allister the club's preferred trio, while Wataru Endo and Trey Nyoni sit further down the pecking order following Curtis Jones's move to Inter Milan.
At Celta Vigo, Bajcetic is expected to link up initially with the club's reserve side, Celta Fortuna, in the Spanish second division, rather than walking straight into their first team, as he looks to rebuild fitness and form away from the pressure of the Premier League.