Gyan, who has scored 95 goals in 83 matches over a four-year spell in the UAE, will make the move on Wednesday and can expect an increase in his weekly salary of $250,000, Xinhua news agency and Emirati paper Sport 360 said.
"Something is happening," a senior Al Ain official told Sport 360. "Very soon, everything will become clear about the situation.
"When you've received double the money you've paid for Gyan, you have to let him go."
Gyan joined Al Ain from English Premier League side Sunderland in 2011. Al Ain paid a six million pound ($9.35 million) loan fee before coughing up another four million to make the deal permanent.
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Despite a blistering first three seasons with the Garden City club, the 29-year-old striker was dogged by injuries last term and started only 12 matches.
Shanghai, coached by former England boss Sven-Goran Eriksson, will be hoping a fit Gyan can lead them to a first top flight title. They are second in the 16-team Super League table, one point behind leaders Beijing Guoan after 17 matches.
Gyan's likely arrival continues the flurry of purchasing in China since the transfer window opened on July 1.
Reigning champions Guangzhou Evergrande landed Brazilian midfielder Paulinho for $15 million with Shanghai Shenhua acquiring Senegal international Demba Ba for a similar fee as Chinese clubs flexed their financial muscle.
(Writing by Patrick Johnston in Singapore; Editing by John O'Brien)
