The Eagles are paying an initial £16 million for the signature of the England youth international, with an additional £4 million to be paid in add-ons.
Eze, 22, could be a Palace player in the next two days, and he will help bring much-needed attacking firepower to Roy Hodgson’s side given their struggles in front of goal last term.
The QPR star ended last campaign with 14 goals and eight assists in 46 Championship games, and he will be keen to prove himself in the top-flight having long dreamed of playing there.
Tottenham Hotspur, Leeds United and West Bromwich Albion were also linked with Eze, but long-term admirers Palace have won the race for his signature.
Back in July, the Athletic’s David Ornstein claimed that West Ham were leading the chase for for the versatile forward, with boss David Moyes in attendance as he scored during his side’s 4-3 win over Millwall, but the haven’t followed up their interest with a firm bid as his asking price put them off.