A report in ABC de Sevilla claims the fee will be €20m upfront with an additional but separate €8m payment for the player - the second highest transfer in Betis history behind Denilson, in 1997.
Iglesias, 26, only joined the Catalan club last summer in a €10m deal from Celta Vigo and he netted 20 goals in 43 appearances in his debut season.
A report in ABC de Sevilla last week claimed that “Iglesias is determined to play at Real Betis,” and has rejected other proposals to ensure a move is processed.
He starred under Espanyol boss Rubi, who was appointed at Betis and who could prove instrumental in any such deal to the Seville-based club being processed.
“One of the things that I have never doubted is that when make a decision that it was the right one and the one I wanted,” Iglesias told La Voz de Galicia.