
The 29-year-old was signed from Almeria in the summer by manager Ally McCoist on a three-year contract, but has failed to become a first team regular at Ibrox.
The details are still to be finalised, but the player has already flown to Spain.
Ortiz made his Rangers debut in the 1-1 draw with Hearts at Ibrox on 23rd July 2011. His only goal of his time at Rangers came in the 2-1 defeat to NK Maribor in the Europa League clash on 18th August 2011 and made his final appearance for the Light Blues on the 14th January in the 2-1 win over St.Johnstone at McDiarmid Park.