The 20-year-old forward, who has been capped three times by Argentina's Under-23s, is expected to complete his move to Camp Nou once he has passed a medical
The forward's move to Camp Nou had already been announced by the Argentine club last week, and on Tuesday underwent a routine medical examination.
Araujo is not expected to be added to the Barcelona first team and will instead most likely line out for the Blaugrana's 'B' team this season.
However, the Catalans have inserted a clause in the Argentine's contract that will allow them to purchase the player outright for an undisclosed fee upon expiry of his temporary arrangement.
Araujo, who has been capped three times by his nation's Under-23s, will join fellow new 'B' arrivals Joan Angel Roman, David Lomban, Agostinho Ca and Edgar Ie.