The former Real Madrid midfielder would undergo a medical on Monday before finalising his transfer, Sevilla added.
Spanish playmaker Isco will become the Andalusian club's third summer signing after they brought in defender Alex Telles (29) on a season-long loan from Manchester United on Thursday and centre back Marcao (26) from Galatasaray last month.
Isco confirmed his departure from Real Madrid in May after nine successful years in the Spanish capital, winning 19 trophies including three league titles, five Champions League trophies and four Club World Cups.
The 30-year-old, who spent two seasons at Malaga and also played for Valencia, made more than 350 appearances and scored 53 goals for Real.
However, he was sparingly used by manager Carlo Ancelotti last season, playing only 17 times in all competitions as Real won the league title and the Champions League.
Isco, capped 38 times by Spain, has worked with Sevilla boss Julen Lopetegui twice before -- with the national team in the build-up to the 2018 World Cup and later that year during the Spanish manager's brief spell in charge at Real.
The Andalusian club, who finished fourth in the league last season, begin the new campaign with a trip to Osasuna on Friday.
