Manchester City have agreed to sign striker Robbie Fowler from Leeds United for Stg£7million, it was reported this evening.
If the Fowler deal goes through, it will be the fifth major departure from Elland Road since Venables replaced David O'Leary as manager.
After failing to qualify for the Champions League for the second successive year, Leeds were forced to reduce mounting debts and Rio Ferdinand, Robbie Keane and Lee Bowyer have all been sold, with Olivier Dacourt out on loan to Roma until the end of the season when a permanent deal is expected to be sealed.
Now Fowler, who joined Leeds in November 2001 for Stg£11million, seems set to follow them through the exit door with Venables hoping the fee enables him to move on his transfer targets, with Brazilian midfielder Kleberson thought to be top of his wanted list.
When Venables arrived he had six strikers (Fowler, Keane, Mark Viduka, Alan Smith, Michael Bridges and Harry Kewell) and Fowler's departure would reduce that to four with Bridges sidelined by injury for at least the rest of this season.
Fowler's arrival at Maine Road would leave City as top-heavy with strikers as Leeds were when Venables took over.
Keegan already has Nicolas Anelka, Shaun Goater, Darren Huckerby, Paulo Wanchope, Jon Macken at his disposal.