The 22-year-old Argentinian striker has yet to make a Premiership start for Blues this season following his £2.5million signing from Rosario Central in August and manager Steve Bruce has confirmed that Figueroa is in Mexico now, discussing a possible loan move.
"With his physique he has found it tough adapting over here and that is always a risk when you take a player from South America," Bruce told the Press Association.
"We hope that this spell, if it goes ahead, in Mexico will help him to get some games under his belt."