The England Under-19 ace was handed a free transfer by Ipswich Town earlier this month and has been looking for a new club.
Bloomfield has agreed terms with Wanderers and will complete his move to The Causeway Stadium on Tuesday.
The deal is a major coup for manager Tony Adams, who has beaten of a number of bigger clubs in landing Bloomfield.
Ipswich have also agreed a large sell-on fee for Bloomfield.
