The Iranian will reportedly replace Riyad Mahrez at Leicester City.
Mahrez completed a long protracted £60 move to Manchester City this week.
The website adds that a fee of €22 million (£19.4 million) is involved for the player, who scored 21 goals and assisted 12 in 33 Eredivisie outings last season.
AZ director Max Huiberts claimed earlier this week there had been no concrete interest in Jahanbakhsh, which suggests that either Leicester have moved fast or the information from Vananews is not quite correct.
Leicester have also been linked with Manchester City's Patrick Roberts as a possible Mahrez replacement.
Jahanbakhsh began his career in Iran, turning out for Damash Tehran and Damash Gilan, but has spent the past five seasons in Holland with NEC Nijmegen and AZ.