If the Argentine-born Osvaldo, who has ended a loan spell at Inter Milan after falling out with coach Roberto Mancini, passes a medical later on Wednesday, the team he supported as a kid will become his 11th club.
The 29-year-old left Buenos Aires side Huracan in 2005 for a long period in Europe that also took in Italian sides AS Roma and Juventus and spells in Spain and England.
Osvaldo was disciplined by the English FA and Southampton last season and Inter last month over incidents on and off the pitch.
"It's the biggest dream of my life," Osvaldo told reporters of his imminent move to Boca.
"I'm very happy, very nervous about all this ... I haven't signed yet so I'm not saying anything for now," he added at Ezeiza international airport.
"I know full well what it means to wear the Boca shirt. I have faith that everything will work out well."
Osvaldo, who left Saints in January 2014 to play for Juve and then scored five goals in 12 Serie A appearances for Inter this season, will be on loan for six months with an option to extend the deal if Boca advance in South America's Libertadores Cup.
Boca have recruited strongly in the mid-summer break as they look to end a three-year trophy drought, securing the services of Uruguay playmaker Nicolas Lodeiro from Brazil's Corinthians.
They are competing on three fronts this year, the Libertadores, where they will be chasing a record-equalling seventh title, the Argentine league championship and the knockout Copa Argentina competition.
Southampton have been Osvaldo's club since 2013 when former manager Mauricio Pochettino signed his compatriot from Roma having also had the striker in his Espanyol team from 2010-11.
Osvaldo, a dual national who first played for Italy in 2011, has 14 caps and four goals for the Azzurri.
(Additional reporting by Iacopo Lo Monaco, editing by Tony Jimenez)
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