The publisher will pay over $1 billion (£624 million) for the Seattle-based developer, sources have told TechCrunch.
The move is being described as a "huge bet" for Electronic Arts, with the price tag valued at around 13% of its market capital.
Acquiring PopCap will strengthen the firm's push into mobile and social gaming, areas in which it has underperformed previously.
PopCap Games has developed Bejeweled, Plants Vs Zombies, Zuma and Peggle.
Bejeweled 3 was announced for Xbox 360, PlayStation 3 and Nintendo DS earlier this week.
> Read our interview with PopCap's co-founder Jason Kapalka