Eoin Jess is on his way to Nottingham Forest.
City's top scorer last season is in talks with Forest over a free transfer move, which could go through later today.
And it was also expected that City would finalise a compensation deal with Benito Carbone, worth around £800,000.
Former Scotland international Jess was at the City Ground this afternoon for a medical.
Bantams managing director Shaun Harvey confirmed: "He is currently in negotiations with Forest. He will be eligible to leave on a free transfer and we will have to come to some agreement with the player."
Jess, who hit 14 goals last term, has been constantly linked with a move away from Valley Parade since April.
He turned down the chance of going back to Scotland with Dundee United and Kilmarnock, indicating he might stay with the Bantams if they come out of administration.
Forest have remained keen on the 31-year-old, who was brought south of the border by Jim Jefferies in December 2000 initially on a three-month loan.
Jess, whose agent Struan Marshall was in Nottingham yesterday, said recently: "I know Bradford have to off-load players to bring new ones in so that could affect any of us.
"It has left a bitter taste in the mouth what has been happening over the summer."
The departure of Jess and top-earner Carbone would help ease City's financial problems and possibly allow Nicky Law to bring in replacements such as former Leeds and Forest winger Andy Gray.
Carbone is expected to agree a cut-price compensation offer for the £3.5m he is due for the remaining two years of his contract with City.
He has already agreed a three-year deal in Italy with Serie A new boys Como, where he has been training for nearly a fortnight.
The compensation deals are being pushed through by the Professional Footballers' Association who have been at Valley Parade for talks a week before the creditors' meeting that will decide the club's future.
City play another closed-doors friendly tonight at Huddersfield when trialists Gray, Paul Evans and Robert Taylor will get another chance to shine.
Michael Standing and Gary Walsh are also due to play having missed the Chesterfield game.
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