The experienced Spanish striker could join PSV as early as Sunday and sign a contract until the end of the current season, pending a medical, several media reported.
Perez had been a free agent since Spanish second-division side Deportivo La Coruna released the experienced striker in January. Perez played a total of 172 games for the Los Turcos across three separate spells.
The 36-year-old will join striker-needy PSV amid slight injury and form crises. Top goalscorer Ricardo Pepi suffered a potentially season-ending injury in January, leaving 34-year-old Luuk de Jong as PSV's only option in the point of attack.
The reigning Eredivisie champions squandered a 9-point lead over Ajax in recent months and could face a 5-point deficit if Ajax beat Go Ahead Eagles later this Sunday.
Lucas Perez most notably spent time at Premier League sides Arsenal and West Ham. The Spaniard joined the Gunners in 2016 from Deportivo La Coruna on a €20 million deal but couldn't impress in North London, scoring seven goals in just 21 appearances during the 2016/17 campaign.
Perez left Arsenal in 2018 after spending a season on loan at Deportivo La Coruna. After joining West Ham for a reported €4.4 million, Perez scored six goals in 18 appearances across all competitions before returning to Spain the following summer.
PSV will meet Arsenal in the upcoming UEFA Champions League but won't be able to register Perez for the competition after the registration deadline expired before the competition's knock-out phase.