The Spanish club have given Campana permission to hold talks and undergo a medical at Palace after agreeing a €2million (£1.7m) fee for his services.
Campana impressed for Spain at the recent Under-20 World Cup and his arrival at Selhurst Park will be something of a coup for Ian Holloway as the player is highly rated in Spain.
Sevilla president Jose Maria del Nido confirmed that they had reluctantly accepted a bid from Palace after the 20-year turned down a new deal to stay at the Ramon Sanchez Pizjuan.
"We made him an offer but he did not accept. He wanted out," Del Nido told the club's official website.
"We have reached an agreement with Crystal Palace for about €2million plus add-ons and a sell-on fee.
"He will travel to England to sign today and have a medical tomorrow."
Del Nido added: "When you offer a player a new deal but he doesn't accept and there is an offer from English football, maybe that's the best deal for everyone. So yes, we've accepted.
"Campana was going to be a star for Sevilla but sadly it has not worked out. We had done everything we could to make him stay.
"We want him to do well at Palace as he is one of our youth products but it's true he wasn't going to get much football here."