The move will reunite the 20-year-old with his former manager Frank de Boer, who has taken over at Selhurst Park.
De Boer gave Riedewald his debut as a 17-year-old at Ajax, helping the defender develop and win three Netherlands caps.
The media reports said Riedewald's signing will be officially announced by Palace on Tuesday when he travels to Hong Kong to join his new team mates, who face Liverpool in a Premier League Trophy game on Wednesday.
Riedewald is De Boer's second signing after midfielder Ruben Loftus-Cheek joined from Chelsea on a one-year loan deal.
(Reporting by Neil Robinson; Editing by Christian Radnedge)
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