Barkley was reportedly close to joining Chelsea during the summer transfer window but in the end the deal fell through. The midfielder will have a medical at the club on Friday and will complete the move from his boyhood club Everton in the coming days.
The England global is believed to be in London to negotiate terms with the reigning Premier League champions, despite having turned them down last summer.
Barkley, who has not featured for Everton this season despite recently returning to first-team training following hamstring surgery, had less than six months remaining on his contract at Goodison Park.
He is out of contract at the end of the season and Toffees boss Sam Allardyce admitted on Thursday the club are "resigned to losing him".
The 24-year-old's future has been subject to speculation for some time, particularly since the summer transfer window in which he rejected a deal with Chelsea on deadline day.
Tottenham have been monitoring Barkley's situation but Sky Sports suggest the North Londoners have made a decision to end their interest with Mauricio Pochettino now looking at alternative targets.
That's according to "The Times" journalist Paul Joyce, who has developed a reputation over the years for being one of the most reliable in the industry when it comes to news relating to the two Merseyside clubs.
Some of the Everton fans who were disappointed in his decision not to sign a new contract previous year will likely be happy to see him leave.
With Gylfi Sigurdsson, Davy Klaassen and Nikola Vlasic already at the club, his departure may not leave the Everton manager scrambling to sign a replacement.