Croydon-born Cole, 23, is believed to have passed a medical and will be presented as a Spurs player at a press conference on Thursday.
The 6ft 3in tall striker has failed to make the grade at the Stamford Bridge club - he was farmed out to three clubs on load in recent years.
So £2m is an excellent return for the former trainee.
Eidur Gudjohnsen could be following him out of Chelsea in the coming weeks.
Barcelona, having failed to nab Terry Heney from Arsenal will now turn their attention to the Icelandic striiker.
Jose Mourinho has told Eidur his time is up and he can leave should a suitable deal be arranged.
Gudjohnsen is expected to be sold for around £8m.
With the loss of Hernan Crespo to AC Milan expected after thje World Cup, Mourinho is desperate to land Ruud van Nistelrooy and Andriy Shevchenko to beef up his attack for next season's assault on the Premiership and Champions League.
Mourinho is bullish in his desire to retain Didier Drogba who has said he would like to leave the back-to-back Premiership champions.