Fiorentina are looking to offload several players this summer in order to trim their squad and the Colombia global is believed to be on the cull list.
West Ham were already interested but now West Brom have joined the race to sign him.
Bologna explosion injures 56, kills one
Video footage and photos uploaded to Twitter show a huge fireball and plumes of smoke rising in the sky in the northern city. A lorry carrying cars collided on a bridge with another tanker lorry containing highly flammable propane or butane.
Edmilson Fernandes could be on his way to Italy as part of a deal taking Carlos Sanchez away from Fiorentina, as the Serie A side are keen on landing the Switzerland global as makeweight in a deal - and have until the end of the month to find an agreement.
Another midfielder reportedly eyed by West Ham before the transfer window slams shut is Chelsea outcast Danny Drinkwater, who has struggled for first-team opportunities at Stamford Bridge since his switch from Leicester a year ago.
New Ebola Outbreak in Congo
This is the 10th time since 1976 that Ebola has threatened the Democratic Republic of Congo, The Times reported. Trade activities between the countries result in frequent cross-border movement.
New Hammers manager Manuel Pellegrini has been busy since his May appointment, and Perez would represent his ninth signing since taking charge.
West Ham travel to Anfield on Sunday to take on Liverpool in the first game of the season.
Arsenal striker Lucas Perez was loaned to Deportivo last season after he failed to impress for the North Londoners in his first season at the Emirates Stadium, the forward recently returned to the club this summer but he will likely be leaving permanently according to reports.
China's July exports rise more than expected despite US tariffs
But within days, Trump himself backed away from the deal, saying talks would "probably have to use a different structure". Beijing is expected to hit $16 billion worth of United States goods with equal tariffs in response to Tuesday's move.