The 20-year-old Belgian starlet will put pen to paper on a five-and-a-half-year deal before returning to his current club on loan for the remainder of the season.
Blues boss Andre Villas-Boas revealed last week that the pursuit of De Bruyne was being driven by others at Stamford Bridge, as part of Chelsea's revised policy to recruit young, up and coming players.
"It's not within my immediate projects. It's a target that's decided by the club, that I knew about for quite some time," he explained. "He was under the scrutiny of the club for some time, we've been following this player.
"Romelu Lukaku the same, and Petr Cech was the same when we arrived in 2004. In the sense that the club policy for the future, it's the right thing [to buy him] and I'll do everything in my power for him to reach maximum potential."
Chelsea have agreed a £6.7million fee with the Belgian outfit, and De Bruyne is set to follow in the footsteps of former teammate Thibaut Courtois who left Genk and moved to west London last summer.
Courtois was immediately loaned out to Atletico Madrid for the 2011-12 campaign, a similar move that is anticipated for De Bruyne as the attacking midfielder prepares for an immediate return to Belgium.