The 33 year old is expected to be announced within the next few hours and Aquilani himself plans to land in Gran Canaria this weekend to make his move official.
Aquilani and Pescara have agreed a mutual termination of his contract meaning he can sign for the Yellows on a free.
The Italian has vast experience at club level as well as 38 caps for Italy. He started off at Roma before joining Liverpool in 2009. However, he only made 18 appearances at Anfield in 3 years and spent time on loan at Juventus and AC Milan.
He then moved back to Italy on a permanent deal with Fiorentina before a short spell in Portugal with Sporting. He returned to Italy and Pescara but made only a handful of appearances and has spent the last 6 months on loan at Sassuolo but now he seems set for Las Palmas.
Source: La Liga News