The Brazilian will complete a medical on Wednesday, with the Blues having come to an agreement over a six-month loan deal with the option to buy.
The report claims that the final details of the contract had been delayed due to Corinthians trying to extend the attacker's current deal to prevent him leaving for free in December, though an extension has now been ruled out.
Having failed to sell the player on for a projected 25 million euros ($27M), the Brazilian club is now glad to get the striker's wages off its books after a lack of interest, which will save Timao over €1M during his six-month spell at Stamford Bridge