Forest have been locked in talks with Tallares and the deal looked to be off recently when the Argentine side felt a verbal agreement was then not reflected in the documents the Premier League side sent over.
Now though there is a deal in place and it will see Tallares bank a fixed fee of €11.7m for the winger, with €5m in add-ons.
Tallares have also included a 15 per cent sell-on clause into the deal.
With matters moving at pace, Sosa is now expected to travel to England on Wednesday.
Forest will want to put the Paraguay winger, who was in action at the Copa America earlier this summer, through his medical paces.
They can then look to push the deal over the line and put Sosa as the disposal of boss Nuno.
The arrival of Sosa will give Nuno another winger weapon to use in the Premier League this season.