Middlesbrough are expected to conclude a deal for Pacos de Ferreira midfielder Vitor Silva in the coming days, but appear to have missed out on his Portuguese compatriot Pizzi.
Tony Mowbray had been hoping to recruit both players this summer, but negotiations over a loan move for Atletico Madrid forward Pizzi have apparently stalled.
Instead, the 23-year-old international, who scored eight goals on loan at Deportivo La Coruna last season, looks poised to sign for Benfica on a five-year contract.
However, talks with Vitor have progressed more positively and Sky Sports News reports that he will complete his switch to the Riverside Stadium this week.
Pacos surprisingly finished third in the Portuguese league last season, which means that 29-year-old Vitor would be sacrificing the possibility of Champions League football to move to England's second tier.