A verbal offer has been made for the club’s top scorer from a Chinese Super League club, believed to be Guangzhou.
The Light Blues are already looking at potential replacements should a deal be struck before the close of the transfer window tomorrow.
The 21-year-old Colombian has made a real impact since his summer move from HJK Helsinki.
Morelos has scored 13 goals and only last week spoke of his ambition to win a move to the English Premier League next season. HJK Helsinki would be due a sell-on fee if his transfer goes through, with Morelos having been signed by former Gers manager Pedro Caixinha for £1.5million.
Boss Graeme Murty said at the weekend that Morelos would only go if they were offered a barrowload of cash – that could now happen.