The 28-year-old will undergo a medical with the Royals on Tuesday, just over a year after he joined the Whites on a free transfer from Wolves.
Reading manager Jaap Stam told his club's official website he is delighted to have finally landed Aluko after Fulham severally rejected their bids.
He started out with Birmingham City and went on to play for Aberdeen, Rangers and Hull before joining the Londoners.
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He said: "I have to fight for Sone Aluko, because around me is some news that we are thinking about selling him". With his pace and ability on the ball, he can make life hard for every opponent we face this season and he has experience of playing at the level we want to play at.
Fulham have agreed to sell English forward Sone Aluko to Reading for a £7.5m fee, according to Sky Sports.
Aluko could make his Reading debut in a Madejski Stadium fixture against Bristol City on Saturday 9 September - the first of two home games in four days for the Royals after the worldwide break!
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