Manchester City will only allow Oleksandr Zinchenko to move to Real Betis in a permanent deal, sources have told ESPN FC.
Betis would like to take Zinchenko, 21, on loan, according to Sport, but sources have said City are only interested in a loan if the deal is structured with Betis having an obligation to buy.
City agreed a £16 million deal with Wolves earlier in the window but Zinchenko turned them down to fight for his place.
The Ukraine international made 14 appearances for City last season, mainly as a left-back, but with Benjamin Mendy returning from a knee injury that ruled him out for eight months, Zinchenko is likely to find his opportunities limited this season.
He was not in the matchday squad for either of City's opening Premier League fixtures or the Community Shield victory over Chelsea.