Yesterday, Casillas' agent revealed that the Bernabeu captain had been offered an escape route and that his client was enthusiastic about the move.
According to Spanish newspaper Marca, Porto have offered the 34-year-old a two-year deal with an option for a third depending on appearances.
"An offer from FC Porto exists and Casillas is enthusiastic with that possibility," Casillas's agent Carlo Cutropia told Marca.
"Now we have to wait to see what Real Madrid say."
According to Bwin, Real Madrid have sanctioned the sale. The club's 'Official Online Gaming and Betting Partner' tweeted that Casillas' move would be completed on Friday.
Making room between the sticks at the Bernabeu would suggest Real Madrid are increasingly confident of signing De Gea from Manchester United.
However, they may have to sanction the sale of Sergio Ramos the other way, with United understood to only be willing to sell De Gea is they land the Real Madrid defender.
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