The loan deal would see the full-back initially join Ian Holloway's side until the end of the season with the Seasiders having the option of signing the Zimbabwean on a permanent basis at the end of that period.
Pilgrims manager Peter Reid confirmed Bhasera's exit would benefit the cash-stricken club.
"He's up there at the moment," Reid told the club's official website.
"From what I've been told that should go through. We get a fee on that as well, which helps what we're trying to do in the terms of paying the tax man."
Source: PA
Source: PA