The 24-year-old Colombia international was left out of the squad for this weekend’s Jupiler Pro League match against Zulte Waregem, which was seen as another sign the transfer is close to completion.
According to Sportitalia, Bologna will pay €8m for the player, then owe KRC Genk 20 per cent of the sell-on fee.
Lucumí was signed from Deportivo Cali in the summer of 2018 for €2.5m and his contract was due to expire at the end of this season.
He plays primarily as a centre-back, but can also be used as a left-back when needed.
The defender is expected to fly in for a medical on Monday and put pen to paper on the contract with Bologna.
Lucumí made his senior debut for Colombia in 2019 and now has five caps to his name.