According to Sky Sport Italia, the Bianconeri have activated the Argentina international's €94.7 million release clause after he underwent a medical on Friday.
Head coach Massimiliano Allegri reiterated that The Old Lady would invest significantly in the squad this off-season as they look to keep up their domination of the Italian top flight, with five successive Scudetto's and now a new target of UEFA Champions League glory.
Higuain is expected to form a deadly partnership with compatriot Paulo Dybala, who is widely considered as the best young forward in Europe after finishing second in the top scorers charts with 19 goals, while the 28-year-old set a league record with 36 goals.
If the move officially goes through, the former Real Madrid striker will be Allegri's fifth signing of the summer after Roma's Miralem Pjanic, Croatian forward Marko Pjaca and defenders Dani Alves and Medhi Benatia.