El Mala, 19, has emerged as one of the most exciting attacking prospects in Germany, scoring 13 goals and providing four assists in his 36 games.
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Premier League side Brentford recently made an offer of €45 million, with a further €5 million in easily achievable bonuses.
According to BILD, FC Koln have decided to accept the offer, which would be a club record sale by some distance.
The winger has already agreed personal terms with Brentford and will put pen to paper on a deal until 2030, earning €4 million a year.
It would also be a record signing for Brentford, surpassing the €42.8 million they paid Brentford for Dango Ouattara.