Newcastle have been scouting Perez - currently one of the top-scorers in the Spanish second division - for months, and they are now hoping to win the battle to land the 20-year-old.
Perez has attracted interest from several rival Premier League clubs such as Everton and Swansea. Portuguese giants Porto are also keen.
Sources close to the player have told Sky Sports that a deal with Newcastle has all but been completed, and that he will sign a five-year deal with the Tyneside giants.
Perez has a release clause of €2million (£1.8million) and Newcastle have already informed Tenerife that they will pay that.
The player's agent Olaf Bonales has told Sky Sports that the player would be leaving - but admitted that nothing would be announced until the end of the season, as Tenerife have three league games left to play, with the possibility of a play-off still remaining.
"There is nothing to say at the moment in terms of news. This would normally be at the end of a season," Bonales told Sky Sports.
"Tenerife have made some contact with us, but Ayoze will not be with the club next season."
Perez could be joined at St James' Park by Cabella, but reports that Newcastle have made a new bid for a player they tried to sign in January have been dismissed by the club.
Newcastle sources have confirmed that whilst they remain interested in the 24-year-old, a new official bid has not yet been made.
Newcastle are pursuing a number of targets who they hope to complete early in the window, with Germany Under-21 international Pierre-Michel Lasogga another who they have expressed an interest in.
Lasogga spent the season with Hamburg on loan from Hertha Berlin and played a crucial role in their survival. Indeed, the 22-year-old striker scored the goal in the relegation play-off which kept them up.
Lasogga has just one year left on his current deal and seems set to leave the German capital this summer, although Hertha first want to hold talks with him.
Hertha's sporting director Michael Preetz told Berliner Morgenpost: "We will get together for talks in the next few days. We have positioned ourselves. Now we need to know how Pierre sees it."