Javier Mascherano is set to join Estudiantes de La Plata after the Argentine club said they had agreed a deal for the former Barcelona and Liverpool midfielder.
Mascherano, 35, joined Hebei China Fortune in January 2018 and his contract expires on 31 December.
Estudiantes said club president Juan Sebastian Veron had reached a "general agreement" over a dinner in Beijing.
Mascherano is set to join the club in the "coming days", they said.
The move will see the midfielder return to Argentina after 14 years of playing abroad.
The former Argentina international left South America in August 2006 for West Ham, before joining Liverpool just five months later.
A £17m deal took him to Barcelona in 2010 and he won 18 trophies at the Spanish club, including four La Liga titles and two Champions Leagues. He played 334 times, scoring one goal - from the penalty spot in 2017.
Mascherano has played 52 games for Hebei in two seasons in the Chinese Super League.
Estudiantes de La Plata are currently seventh in Argentina's Primera Division.