The Swedish striker has been linked with a possible move to Carrow Road since the end of last season.
The 26-year-old had one year left on his PSV contract, but had previously stated their asking price of £4million was too high.
However, PSV director Marcel Brands claims that with the two clubs having agreed a deal, matters are now in the Swedish player's hands.
"We never comment on any sums, but we have reached an agreement with Norwich for Ola," Brands told Swedish newspaper SportBladet.
"Now it's entirely up to him to decide whether he wants to move.
"We start training on Monday, if there is no deal with Norwich then I expect to him to be here."