The 19-year old defender previously had a trial with the Magpies and is now set to return to England's Northeast for a medical before signing a deal.
Heart head coach John Aloisi was delighted for Good, who joined the club from Australian Institute of Sport prior to last season, and felt the impending move was a good reflection of the Melbourne clubs youth development.
"It's a fantastic opportunity for Curtis. Newcastle United is one of the biggest clubs in the United Kingdom, and we are absolutely delighted he has the opportunity to test his wares on such a stage," Aloisi said.
"While Curtis will certainly be missed, his proposed transfer is a great affirmation of our youth policy, and a demonstration of the Club's ability to assist in developing players to such an extent that they're able to move to one of Europe's leading competitions.
"We wish Curtis well and hope he will one day return to don the red and white stripes of our Club."