The Argentina international, who left Blues at the beginning of this year after an unsuccessful six month spell at the club, is expected to sign for Spanish La Liga side Villarreal this week.
Figueroa was bought by Blues in the summer of 2003 for £2.5 million but made only one substitutes appearance for Steve Bruce's first team before having his contract at St Andrew's paid up by mutual consent.
The 23-year-old striker signed for Cruz Azul just after leaving Blues but he is now set to switch countries again and leave the Mexican side for Spain in a deal estimated at around £3.5 million.