Parma have sold Jaime Valdes to Colo Colo, while Juventus target Jonathan Biabiany.
Chilean club Colo Colo announced the news via their official Twitter account, stating he will be presented to the media on January 2.
It is a return to his homeland for Valdes, who first joined an Italian club in 1999 when he went to Bari.
He has since played for Fiorentina, Lecce, Atalanta, Sporting Lisbon and Parma.
This season Valdes made only six Serie A appearances for the Ducali and two in the Coppa Italia.
Meanwhile, news agency ANSA claims Juventus have stepped up their attempts to sign Parma winger Biabiany in January.
According to this report, the Bianconeri offered €4m for co-ownership of the Frenchman, whereas in the past Parma have valued his total contract at €10m.