According to this, Villarreal are willing to pay a transfer fee, have convinced the player's family (something important in the case of an 18 year-old) and all that remains for a deal to happen is working out the sell-on percentage, something Boca would count on for extra money if Suarez becomes a real star.
He's a small midfielder (5'6", nicknamed the "dwarf", who has scored 19 times in 22 matches for Argentina's under-17 side, and has played two matches this year for Boca's first team. Interestingly, Boca's president was quoted as saying Suarez's family wanted to move to Spain for "security reasons".
Rob Brown recently wrote an excellent article on Argentine football--complete with the requisite Riquelme picture:
As he noted, "it's now readily accepted that if an Argentine shows any promise whatsoever between the ages of 15 and 21, he will be sold on as soon as possible to anyone who offers good money." It looks as if Villarreal has done just that.
Meanwhile, Real Madrid (sigh) are all over Marco Asensio; the Mallorca player and Spain U-19 star is going to be sold for about €3.5m to the Whites, but will remain at Mallorca on loan until the end of the year. Hard to win the battle for a young player against Madrid. Though it could be they will loan him out to a Primera club next year.