The 32-year-old former Spanish international is to sign a two-and-a-half-year contract to rejoin the team he left for Club Atlético de Madrid in 1999. As part of the deal, Espanyol will loan defender Ricardo Cavas and midfield player José Juan Luque to Elche for the rest of the campaign. Elche will then have first option on a permanent move for Cavas, who has a season left on his contract at Montjuic.
Toni, who transferred to Elche last summer from Atlético, spent six years at Espanyol after earlier spells with UE Figueres and Rayo Vallecano. He signs for a club struggling at the wrong end of the Primera División - Javier Clemente's side are in 19th place, three points from safety.
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