Barça have moved to the front on the queue after talks with the player's representatives and both sides hope to finalise the transfer in the summer.
As a outcome, the LaLiga leaders have seemingly won the race for one of the most sought-after strikers in Europe, with Real Madrid also said to be interested in Jovic's services.
The 21-year-old has been a standout performer in the Bundesliga this season and has scored 14 goals, chipping in with a further four assists as well.
Although the Serbia worldwide is on loan from Benfica, Frankfurt have stated their intention to exercise the buyout option in his contract, meaning any suitors would need to negotiate with the German outfit for his signature.
Barcelona were also interested in the forward, but the Madrid club have beaten them to the punch by tabling an official bid with the Bundesliga side.