The 20-year-old will complete his move from the Dutch club to Stamford Bridge once he has passed a medical and agreed personal terms.
Kalou scored 15 goals in 35 games for Feyenoord last season.
He will be joined by Ukraine striker Andriy Shevchenko in the coming weeks as the AC Milan player left his Italian club on Sunday.
The signing of these two will pave the way for Carlton Cole and Eidur Gudjohnsen to exit the champions.
Cole is a £3m target for Spurs, while £8m rated Icelandic striker Gudjohnsen can take his pick of several top Spanish sides, such as Barcelona and Valencia, plus Italian side AC Milan.