Shanghai SIPG boss Sven-Goran Eriksson is set to sign Zenit St Petersburg striker Hulk for £45.7m ($61.2m) - a record fee for an Asian club.
The fee has been agreed by the two clubs and the Brazil striker, 29, is expected in China this week to finalize the move.
Former England boss Eriksson is under pressure to improve results after slipping 12 points behind the Chinese Super League's leaders Guangzhou Evergrande.
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Hulk, who scored four goals for the Russian club in last season's Champions League, was in the Brazil squad for the Copa America, but made just one appearance off the bench.
The previous record transfer fee paid by an Asian club was the £38m Jiangsu Suning paid Shakhtar Donetsk for Alex Teixera.
Hulk spent the early years of his career in his homeland and on loan in Japan, but he made his name with Porto, who he played for from 2008-12.
He moved to Zenit for a fee of £33m in 2012.