The 24-year-old, currently on international duty with Argentina, will undergo a medical and formally complete his switch from Norwich City after Tuesday’s World Cup qualifier against Colombia.
Buendia will join for an initial £33m, though the fee could eventually rise by a further £5m, depending on add-ons. A sell-on clause is also thought to have been included in the deal.
Boss Dean Smith is eager to increase his team’s creativity next season and Buendia was quickly identified as a top summer target, with Villa seeing off rival interest from Arsenal to land their man.
Buendia was named the Championship’s player of the season after scoring 15 goals and setting up 16 more while helping the Canaries win promotion last term.
Villa, who have now spent £300m on signings since returning to the top flight two years ago, are keen to get their business done early in the window.
Southampton midfielder James Ward-Prowse is also on their list of targets. Though the Saints have declared the England international is not for sale at any price, Villa will consider testing their resolve with an offer this week.