According to the 'BBC', the Chinese side have agreed to pay the DR Congo striker's £35.3m release clause, but the total fee will be inflated to £65m due to Chinese taxation laws.
Any fee paid by Chinese sides over €5m is now subject to a transfer tax as the CSL looks to encourage the signing of China-based players.
That fee will outstrip the previous record, set when Liverpool agreed to pay RB Leipzig £48m for Naby Keita in the summer.
Bakambu, who is Villarreal's top scorer in all competitions so far this season with 14 goals, has already had a medical with the Chinese side and will become the CSL's record transfer, overtaking the £60m that Shanghai SIPG paid Chelsea for Oscar last January.
The 26-year-old is the only African player to have won La Liga's Player of the Month award after finding the net six times in October.