HLN is reporting that the Jamaican winger attended Leverkusen's Bundesliga win over Hertha Berlin on Sunday and agreed terms with the club.
However, it is understood that a fee between the two clubs is yet to be agreed upon.
Manchester United, Liverpool, Chelsea, Everton, Stoke City and AFC Bournemouth have all been heavily linked with the 19-year-old in recent times, while Hull City are believed to have made a late play for his services this winter.
But according to HLN's Premier League reporter Kristof Terreur, Bailey is keen to join Leverkusen.
Leon Bailey skipped Genk's training session again. Still pushing for a move. #transferitis (via @hlnsport)
— Kristof Terreur (@HLNinEngeland) January 25, 2017