The 21-year-old comes highly-rated and has already been called up to the Spain senior squad, albeit without earning a debut cap.
He claimed 85 saves and seven clean sheets in 36 La Liga appearances last season – an impressive return considering Espanyol finished in mid-table.
Spurs have been heavily linked with the 6 foot 2 shot-stopper in recent weeks, with Marca reporting that they’ve already seen a £1.74million transfer bid rejected by Mauricio Pochettino’s former club.
But the Spanish publication speculated earlier this week that an improved bid was in the offing and it appears Spurs have now reached an agreement with Espanyol.
Indeed, Sport claim Lopez is set to sign for Spurs on a season-long loan with the option to complete a permanent transfer at a cost of £6million.
The Lilywhites are also paying a £516k loan fee.