PSV have been chasing the Belgium Under-21 goalkeeper for some time but Mignolet held talks with Sunderland over the weekend and is keen on a move to the Stadium of Light.
Mignolet, who currently plays for St Truidense, told the Het Belang van Limburg newspaper: "Last week I was in Sunderland for talks.
"I hope I can pass my medical tests and then sign my contract."
Mignolet is currently contracted to St Truidense but both they and PSV appreciate the player's stance.
St Truidense sporting director Guy Mangelschots said: "PSV understand that Simon would prefer a move to England.
"If the deal with Sunderland breaks down they would still be interested.
"We now expect things to move quickly."