Jefferson Lerma will undergo a medical at Bournemouth on Tuesday ahead of his £25m move from Levante, according to Sky sources.
Bournemouth are believed to have been pursuing Lerma since before the World Cup, and appear to have seen off interest from a number of Bundesliga sides.
Such is Lerma's desire to make the move, he handed in a transfer request at Levante last week.
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He was part of Colombia's squad at the World Cup, where he played in all four of their matches - including their last-16 defeat to England.
Lerma joined Levante, initally on loan, from Colombian side Atletico Huila in the summer of 2015.
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He made that move permanent in 2016 for a fee of around £550,000 and was closing on 100 appearances for the club.
His transfer fee would eclipse Bournemouth's club record, set last summer when they signed Nathan Ake for £20m from Chelsea.