The deal is subject to the player passing a medical which is likely to take place next week.
24 year-old McCourt is understood to have agreed personal terms with the newly promoted Premier League club.
Derry have refused to disclose the fee involved but it is believed to be substantially better than the initial offer which the club said was derisory.
It is thought that the Midlands club's initial offer for McCourt was in the region of £50,000.
The former Northern Ireland U21 international had also been linked with other clubs in England and Scotland.