The same deal could also take Italy defender, Leonardo Bonucci, back to Turin after one season with AC Milan.
Hundreds of fans waited as Higuain arrived at a Milan hotel, before he confirmed he would undergo a medical early on Thursday, with an agreement having been reached between all parties.
“It’s great to see so many fans, but I also want to send greetings to those of Juventus who have given me so much affection.
“Tomorrow, I’ll do the visit (medical) and then I hope to sign… We hope to go as far as possible,” the Agrentina striker said.
The move comes just weeks after the Serie A champions announced the signing of Cristiano Ronaldo from Real Madrid.
Higuain moved to Juventus in 2016 for €90m (£79m) after scoring a record 36 Serie A goals in the previous season for Napoli.
The 30-year-old has won Serie A and Coppa Italia titles in each of his two seasons with Juventus and scored 55 goals in 105 appearances in all competitions, including 40 goals in 73 outings in Serie A.