The deal for the striker will reportedly cost Villa an initial £14.75million.
"Aston Villa can confirm that an agreement has been reached with Chicago Fire for the permanent transfer of 19-year-old striker Jhon Duran," read a Villa statement.
"The deal is subject to the player passing a medical, agreeing personal terms and obtaining the necessary work visa."
Colombia international Duran made 22 appearances in the MLS for the Fire last season, scoring eight goals, and has played three times for his country.
Once the deal is completed, he will become Villa's second January signing after the arrival of full-back Alex Moreno from Real Betis last week.