According to transfer journalist Matteo Moretto, the move that will take the 22-year-old to Lisbon can now be considered agreed in principle.
It represents another significant windfall for the Emilia club this summer, following the sale of Mateo Pellegrino to Fiorentina and while the transfer of Zion Suzuki to Aston Villa still awaits official confirmation, after an earlier structure involving Paris Saint-Germain fell through.
A curious detail emerged the day before the deal became public, when Benfica president Rui Costa was pictured in the stands watching Casa Pia against Benfica alongside Parma owner Kyle Krause, who recently acquired a majority stake in the Portuguese second-tier club. Hours after that match, news of the advanced talks between Benfica and Parma over Circati broke.
Circati's departure has prompted Parma to move for defensive reinforcement, with the club joining the race for Diego Carlos, the Brazilian centre-back currently under contract at Fenerbahce.
The 33-year-old spent last season on loan at Como, whose officials have been working for some time to make his stay in Cesc Fabregas's squad permanent, though no agreement with the Turkish club has yet been found.
Parma have also completed a separate addition to their squad, confirming the signing of Argentine forward Thomas De Martis on loan from Club Atletico Lanus until 30 June 2027. Born in Mar del Plata, De Martis came through Lanus's youth academy before making his first-team debut and featuring in the Copa Sudamericana during 2025.
At international level, the 18-year-old has represented Argentina's Under-15 and Under-17 sides, scoring nine goals for the latter. In an official statement, the club described his move to Parma as a new step in a promising young career, with the aim of gaining experience in European football.
Circati, nicknamed "Il Muro" (The Wall) by Parma supporters for his defending, joined the club's academy as a teenager and made his professional debut in 2022, going on to make 96 appearances for the first team.
He helped Parma win promotion to Serie A in 2024 and established himself as one of the club's most important players last season, also featuring for Australia at this summer's World Cup.