Winger Madueke, 20, will complete his move on Friday for the England U21 star.
Madueke started his youth career at Crystal Palace before moving to Tottenham. He left Spurs in 2018 for PSV Eindhoven, establishing himself as a first-team regular in the 2020-21 campaign and scoring nine goals in 35 games last season.
The deal will take Chelsea's spending in this window to £190m, having already spent £270m in the summer, and to £460m since Todd Boehly took over the club.
Madueke, who was born in London to parents of Nigerian origin, will become Chelsea's sixth signing of the January transfer window, following the arrivals of Mykhailo Mudryk, Joao Felix, Benoit Badiashile, David Datro Fofana, and Andrey Santos.
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