HITC Sport understands the former England U21 forward is set for talks in South London after a deal is agreed for his services.
Sources have confirmed to HITC Sport that the deal is worth around £10million for the 22-year-old, with £4million of the fee based on add-ons and bonuses.
Wickham is now booked in for a medical on Friday in London, when he is expected to put the finishing touches to the move.
He will become Alan Pardew's fourth signing of the summer following on from Yohan Cabaye, Alex McCarthy and Patrick Bamford.
Wickham joined Sunderland in 2011 from Ipswich Town, but it was not until early 2014 that he really showed any sort of form for the club as he returned from a loan spell at Leeds United to help inspire Gus Poyet's men to Premier League survival.
He played over 30 games last season and was handed a new four-and-a-half year contract in December, but Dick Advocaat clearly feels he can do without him and is set to use the money to bring in other targets.
One name strongly linked in recent days, by the likes of the Daily Mirror, has been Rennes striker Ola Toivonen, who Advocaat knows from their time together at PSV Eindhoven.