A viscous, lubrication-like response can be triggered in a thin film of fluid squeezed between a rigid flat surface and the tip of an incoming projectile. We develop a scaling for this viscous approach stage of fluid-mediated normal impact, applicable to soft impactors. Under the assumption of mediating fluid being incompressible, the impacting solid displays two limit regimes: one dominated by elasticity, and the other by inertia. The transition between the two is predicted by a dimensionless parameter, which can be interpreted as the ratio between two time scales that are the time that it takes for the surface waves to warn the leading edge of the impactor of the forthcoming impact, and the characteristic duration of the final viscous phase of the approach. Additionally, we elucidate why nearly incompressible solids feature (a) substantial ‘gliding’ prior to contact at the transition between regimes, (b) the largest size of entrapped bubble between the deformed tip of the impactor and the flat surface, and (c) a sudden drop in entrapped bubble radius past the transition between regimes. Finally, we argue that the above time scale ratio (a dimensionless number) can govern the different dynamics reported experimentally for a fluid droplet as a function of its viscosity and surface tension.