The Osasuna midfielder was close to signing with BVB in January before his current club pulled out of the deal, requesting more money after the deal had been struck.
And while that prevented Borussia from recruiting the talented footballer this winter, they have now secured his signature for the 2016/2017 campaign. According to Spanish newspaper Diario de Navarra, the two clubs have agreed on a transfer for 1 July, 2016.
According to Kicker, the clubs have agreed to a €3.7 million, but could increase to €5 million euros through bonus payments. The move, according to Ruhr Nachrichten, is pending a mandatory medical examination with club doctors.
Borussia Dortmund sporting director Michael Zorc also confirmed that the deal was on the horizon, and that it looks as though there are no obstacles for the 19-year-old moving to Signal-Iduna Park in the summer.
Osasuna is in the hunt for promotion back to La Liga BBVA this season and are currently stationed in fifth place, just seven points from the top.
Merino has appeared in 22 matches this season, scoring once. He also won the U-19 UEFA European Championship with Spain in 2015.
The defensive midfielder could ink a long-term deal with Dortmund and would likely rotate with Julian Weigl for a starting position.