The 30-year-old Liverpool midfielder, who is on holiday in Israel, will apparently undergo a medical in the coming days before completing a move to the champions.
The two clubs are believed to have come to an agreement over the transfer fee with Chelsea set to pay around £4million for the former West Ham man.
Last month Benayoun said: "Ancelotti wants me for next season and now everything depends on Liverpool. Chelsea will have to pay some £6million but I believe that in the end I'll be moving there."
Benayoun would be an ideal replacement for Joe Cole, who has been allowed to leave the club this summer after failing to agree terms on a new deal.