Malaga have won the race for Felipe Caicedo after confirming they had agreed terms with Manchester City.
The Spanish side had already held talks with the Ecuador international striker, but Hull City emerged as rivals for his signature.
But Caicedo - who spent the first half of the season on loan at Sporting Lisbon - has now agreed to join Malaga.
Malaga confirmed the signing on Saturday and they will present him to the media on Monday.
Malaga are currently third from bottom in La Liga and two points adrift of safety ahead of Sunday's home match with Athletic Bilbao.
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