Estudiantes president Juan Sebastian Veron confirmed talks have taken place with Vissel Kobe captain Andres Iniesta over a switch to the Argentine club.
Spanish great Iniesta has been linked to a reunion with former Barcelona team-mate Javier Mascherano at Estudiantes.
The 35-year-old Iniesta – contracted to Vissel until 2021 – has called Japan home since leaving La Liga giants Barca in 2018.
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Amid growing links to Estudiantes – where ex-Barca defender Gabriel Milito is head coach – after Mascherano arrived from Chinese Super League side Hebei China Fortuna, Veron insisted negotiations are yet to take place but tentative talks have begun.