The former Manchester City striker claims he has snubbed offers from clubs in Germany and Turkey in favour of joining Stefano Pioli's men.
"We are one step away from a positive solution," the Paraguay international told Corriere dello Sport.
"I think the talks with Bologna will have a positive ending. I have every confidence there will be no major problems. I have already told the German club that my first choice is Bologna."
Santa Cruz says family issues played a major role in deciding his future.
"I like their offer and the economic aspect is not essential for me. I'm more interested in the way of life for me and my family, and Bologna is a beautiful city," the 31-year-old confirmed.
"I've also had an offer from Turkey, but I have chosen Italy and I hope a deal will be closed in the next few hours."
After falling out of favour at Manchester City, Santa Cruz enjoyed loan spells at former club Blackburn as well as La Liga sides Betis and Malaga.