El Español and Reuters both reported that the deal is still to being finalised, while El Confidencial reported that the agreement is due to be announced in mid-February.
The deal will mark first such agreement between Telefonica and Netflix, which already has distribution arrangements in place with Orange and Vodafone in the Spanish market.
El Español said the agreement is part of a wider plan by Movistar+ to transform its customer experience, a move that will also see it offer 4K content through its set-top box.
Speaking at MIPCOM in October, Movistar+’s head of business affairs, series and movies original programming, Ismael Calleja Baldominos, said that Movistar+ planned to launch its 4K set-top box in the first half of 2018, with the device at the testing stage.
According to El Confidencial’s sources Movistar+’s technical integration of Netflix will not be completed until after the summer.
Neither Telefonica nor Netflix had responded to comment requests at the time of going to press.