Barcelona said Semedo would undergo a medical on Friday after Spanish press reports said they had agreed to pay a transfer fee of 30 million euros (£26.4 million, $34.2 million).
The deal for the 23-year-old Portuguese international could see Benfica receive a further five million euros in bonuses, several Spanish newspapers said on Thursday.
The fee would make Semedo the second most expensive defender in Barcelona’s history behind Dani Alves, who cost 36 million euros including bonuses when he joined from Sevilla in 2008.
The move for Semedo follows the return of Spain winger Gerard Deulofeu to the Camp Nou from Everton on a two-year deal.
The Catalans, who have appointed Ernesto Valverde as coach to succeed Luis Enrique, have also extended Lionel Messi’s contract until 2021.
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