Ivanov on his way to Sofia
The former Bulgarian Footballer of the Year has failed to win a place in the Rennes team this term, following his £3 million summer move, and is desperate to secure regular football.
This prompted his former club Levski to make him an offer, and Ivanov is keen to make the move.
With the transfer window being closed, Ivanov has accepted a loan deal with amateur status and is just waiting approval from the relevant governing bodies.
Levski are desperate to sign Ivanov, nicknamed Gonzo, ahead of Sunday`s derby clash with Litex Lovech.
It is expected that the deal will be made permanent in the summer.