Boca Juniors claim that Juan Román Riquelme will join them on loan until the end of the season, but Villarreal have denied the deal has been completed.
The 28-year-old midfielder has been outcast at El Madrigal and wanted a permanent move back to his former club, but settled for a temporary move until June.
Boca Juniors' president Mauricio Macri stated that the deal has been completed after several days of negotiations with the Yellow Submarine.
"I am pleased because we have sealed the return of Riquelme to the club," he stated.
Villarreal president, Fernando Roig, disagrees though and has claimed that no agreement has been reached and the move may yet not materialise.
"The possible loan depends on it being signed and there being a definitive agreement,'' he said. "It is not as easy as it seems.
"In principle, we did not agree with the loan because Román wanted to go for a year and we would allow him until June.
"Things changed last night and we are negotiating to clarify them. If something does not happen today then his situation will remain the same."
Riquelme is hoping to appear in the Clausura and the Copa Libertadores during his loan spell and earn around $2 million over the next four months.
Villarreal were keen to off-load their unsettled playmaker after he fell out with both the coach, Manolo Pellegrini, and president Roig.
Riquelme has not played for the team since the Christmas break after a reported string of incidents that caused friction between himself and the club's management.
An apparent unwillingness to train was the final straw after several other problematic events were over-looked.
Last season's Champions League semi-finalists were also upset with his behaviour after they built and organised the team around the former FC Barcelona star.
After winning six titles with Boca Juniors between 1996 and 2002, Riquelme won a lucrative move to Spain when he joined Barça.
His time at the Camp Nou was troubled, however, and he played only one season for the Blaugrana before being loaned to Villarreal in 2003.
After a successful spell, the move was made permanent and last season he won many plaudits as he helped steer the Yellow Submarine to the Champions League semi final against Arsenal.
Goal.com - Confusion Over Riquelme's Boca Return