The England international has agreed a three-year deal worth north of £70,000 a week and will return to the club where he spent a successful six month loan spell in 2000/01.
The 34-year-old proved that he is still a valuable asset this season, scoring 14 Premier League goals this campaign, but it was not enough to stop Sunderland getting relegated to the Championship, finishing bottom of the league.
Defoe keen to remain at highest level
Upon being recalled to the England squad in March this year the striker made it very clear that he would need to continue playing football at the highest level (the Premier League) next season in order to be in contention to make the squad for the 2018 World Cup in Russia.
As part of a clause in his Black Cats contract the striker had the option to leave the club for nothing if the club were to get relegated.
Defoe now looks set to continue playing in England’s top division at the Dorset club, which celebrated finishing 9th in the league for the 2016/17 season last weekend following a 1-1 draw away against Leicester City.
During the striker’s brief spell at the Cherries he made 29 appearances, scoring 18 goals, including 12 in 10 consecutive games.
No formal announcement will be made until later in the week, but it is understood that the transfer negotiations are moving quickly.