Brighton said on Thursday that the deal for the Colombia international would be a new record for the club, but did not give the exact amount.
It said Izquierdo has also agreed personal terms with the club, although the deal is subject to a medical and him getting international clearances and a work permit.
The club broke their transfer record in June when they signed Australian goalkeeper Mathew Ryan for a reported 5.2 million pounds from Valencia.
And on Monday, the club announced the signing of Dutch international Davy Propper from PSV Eindhoven for a fee reported by British media to be between 6 million and 10 million pounds.
"Jose is someone we have been aware of for some time and has been one of the standout players in the Belgian league over the past three years," Brighton boss Chris Hughton told the club website. (www.brightonandhovealbion.com)
"He's been an exciting player for Club Brugge and in the season he helped the club win the title in 2015-16, he was also Belgium's player of the year."
Brighton kick off their Premier League campaign at home against Manchester City on Saturday.
(Reporting by Simon Jennings in Bengaluru, editing by Alister Doyle)
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