Defoe was reported to have agreed terms with Bournemouth last month, with his Sunderland deal including a clause that allowed him to leave for free after they were relegated.
Sky Sports News HQ understands Defoe will sign a three-year deal on in the region of £65,000-a-week to stay in the Premier League with Eddie Howe’s side.
He scored 15 goals in 37 Premier League appearances for Sunderland last season but his goals were not enough to keep them in the top division.
Defoe will be returning to the club 16 years after his last game for Bournemouth, having scored 18 goals while on loan from West Ham during the 2000/01 campaign.
The Cherries are also hoping to bring in Chelsea defender Nathan Ake for a fee in the region of £20m after he had a successful loan spell at the Vitality Stadium in the first half of last season.
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