The UEFA Champions League semi-finalists have agreed a five-year deal with the 21-year-old. The transaction is expected to form part of Las Palmas' repayment to the Galicians for Argentinian centre-back Gabriel Schürrer, who joined the islanders from Deportivo during the 2000/01 season, before moving to Real Sociedad in 2002.
Figueroa is a product of Las Palmas' youth academy and made 34 appearances for Las Palmas in his debut season last year. He scored three times and earned excellent plaudits but could not prevent the side from relegation from the Segunda División. Deportivo will begin next season's Champions League campaign in the third qualifying round.
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