The ambitious Chinese champions continue to build ahead of their AFC Champions League quarter-final with Al Ittihad, with reports they'll sign the 2011 winner
The 31-year-old central defender, who helped Al Sadd win the 2011 Asian Champions League, recently declined a contract renewal from Al Sadd.
Shandong Luneng had previously been linked with Lee, however Guangzhou appear to have moved in with president Liu Yongzhuo not denying an agreement had been reached.
"An agent recommended Lee Jung-Soo to us, but it depends on the number of foreign players," he said according to Jinghua Times.
Guangzhou, who are coached by former World Cup winning boss Marcello Lippi, are understood to have made a move for his services ahead of their 2012 Asian Champions League quarterfinal, with current Asian player Cho Won-Hee injured.
Under competition regulations, teams can only have four foreigners per squad, one of whom must be from the Asian Football Confederation.