Bologna and Genoa are in advanced negotiations to exchange Watford target Saphir Taider with Oscar Hiljemark.
According to Sky Sport Italia, the two clubs are in talks for a straight swap deal.
Algeria international Taider had also been linked with a move to Watford, but would prefer to remain in Serie A.
Swedish midfielder Hiljemark came to Italy for Palermo in 2015 and joined Genoa in January 2017, but has found playing time difficult to come by lately.
Watch Serie A live in the UK on Premier Sports for just £9.99 per month including live LaLiga, Eredivisie, Scottish Cup Football and more. Visit: https://www.premiersports.com/subscribenow