The 26-year-old, who is still in Spain, will undergo a medical and complete paperwork in Sao Paulo later this week, Xinhua news agency quoted Palmeiras as saying on their official website on Tuesday.
The club did not reveal the financial details of the transfer.
Deyverson scored seven goals in 32 La Liga appearances last season for Alaves, where he was on a season-long loan.
His career has also included spells at Germany's FC Koln and Portugal's Benfica.
Palmeiras are currently fifth in Brazil's Serie A standings, 13 points behind leaders Corinthians.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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