The 33-year-old has reached a verbal agreement with Rayo Vallecano over a one-year contract that includes an option to extend by another 12 months, Fabrizio Romano reports. The attacking midfielder will undergo a medical in the coming week before signing the contract.

Rodriguez has been without a club since terminating his contract at Sao Paulo as he declared his intention to return to Europe. He was initially linked with a move to Atletico Madrid while Lazio decided against signing him after deciding he is "too old".

The former Real and Monaco star showed he still has plenty to offer through his excellent performances for Colombia at Copa America. He scored once and registered six assists to help fire his country to the final, where they lost to Argentina. His performances saw him crowned the competition's best player

The Colombian, who won two La Liga and Champions League titles with Real Madrid, will go back to the Spanish capital in the coming days to undergo a medical and formalise the deal with Rayo, who will take on Barcelona in their next La Liga game on Tuesday.