The Argentinian club has confirmed on its official website, that they have finally agreed a deal with the Black Cats for the 21-year-old's signature.
A statement said: "Velez Sarsfield and Sunderland Association Football Club have reached an agreement to transfer the player Gino Peruzzi."
The news will come as a major boost to manager Paolo Di Canio after it appeared that the proposed deal had stalled earlier this week.
Velez vice-president Julio Baldomar claimed that Peruzzi had rejected the personal terms offered by the Black Cats, although fresh discussions appear to have solved whatever problem there was.
The full-back berths have been high on Di Canio's wish-list this summer with left-back Danny Rose having returned to parent club Tottenham after a successful loan spell and Phil Bardsley seemingly surplus to requirements.
Sunderland missed out on highly-rated Le Havre teenager Benjamin Mendy when he opted to join Marseille instead, but they look to have landed Peruzzi to tick another of the manager's boxes.
Meanwhile, reports from Italy claim they are also close to striking a deal for Juventus midfielder Emanuele Giaccherini.