The News of the World says Blackburn have agreed a £3million fee to sign Hajduk Split midfielder Ibricic.
The goalscoring midfielder had a buy-out clause in his contract with the Croatian side and Rovers have matched the figure. The Bosnia star, 24, has already scored 10 goals this season in 19 starts.
Blackburn boss Sam Allardyce watched Ibricic during Bosnia-Herzegovina's World Cup play-off with Portugal and was impressed.
Ibricic will move to Ewood Park when the transfer window opens at the start of January.