The 19-year-old has attracted interest from a number of Premier League clubs after impressing during the 2022-23 campaign with Bristol City.
Scott was a regular fixture in the Bristol City side last term, starting 40 of his 42 Championship appearances, chipping in with one goal and five assists.
The youngster has also made an impression at England youth level after winning the Under-19 European Champions last year and representing his country at the Under-20 World Cup earlier this summer.
Wolverhampton Wanderers were believed to be among those that were looking to sign the youngster, but they have seemingly been beaten to his signature by Bournemouth.
According to The Athletic, the Cherries have agreed a deal with Bristol City to sign Scott for a fee in excess of £20m.
Scott, who has reportedly been impressed by Bournemouth's ambition, will undergo a medical with the club before the move can be made official.
News of Scott's imminent departure broke shortly before Bristol City faced Oxford United in the EFL Cup on Wednesday evening.
Bristol City manager Nigel Pearson expressed his disappointment that the club have decided to sell the central midfielder.
"I've been planning to keep him," Pearson told reporters. "It's nothing to do with me, it's a club decision. I'm disappointed because we've got a better chance of being successful if we keep our best players."
Pearson added: "I've got nothing to say really, the club has given him permission, so that's that. I've got no comment... I couldn't give you the details, I knew today and that's it. I'm not saying anymore."
Bournemouth are set to make Scott their latest summer signing, having already recruited Hamed Traore, Milos Kerkez and Justin Kluivert.
Romain Faivre also completed a move to the South Coast side, before being sent out on loan to Ligue 1 outfit Lorient.
There is expected to be another new addition at the Vitality Stadium, with Bournemouth set to hijack Leeds United's bid to sign Norwich City full-back Max Aarons.
Andoni Iraola will take charge of his first competitive game as Cherries boss when his side take on West Ham United in Saturday's season opener.