Bianchi is a free agent after Toro allowed his contract to expire on June 30.
He had been linked with Genoa, Fiorentina and Napoli, but it’s widely reported he is in advanced negotiations with Bologna.
He fills the gap left by Alberto Gilardino, who returns to Genoa after a loan spell, and should undergo a medical within hours.
The Corriere di Bologna newspaper claims Bianchi’s wages are worth €1m (£865,000) per season plus performance-related bonuses.
The 30-year-old has had a varied career, playing for Atalanta, Cagliari, Reggina, Lazio and Manchester City.
Meanwhile, Torino have officially bought defender Bovo from Genoa on a permanent move.
The Granata also completed the signing of Brighi from Roma after the midfielder had spent last season on loan in Turin.
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