The Seagulls have confirmed they will now proceed to register the Colombian winger subject to international clearance.
Izquierdo last week agreed terms on a switch to the Premier League newcomers from Belgian side Club Brugge in a deal thought to be worth £13.5million.
It is hoped his eventual arrival will boost Brighton's survival chances - they are 5/4 with Sky Bet to be relegated from the top flight.
It was the second time Brighton had broken their transfer record in a week following the capture of midfielder Davy Propper from PSV Eindhoven.
Boss Chris Hughton said at the time: "Jose is someone we have been aware of for sometime and has been one of the stand-out players in the Belgian league over the past three year.
"He's been an exciting player for Club Brugge and in the season he helped the club win the title in 2015-16 he was also Belgium's Player of the Year.
"Jose has good experience with almost 250 senior games in both Colombia and Belgium, and has played in the Europa League, Champions League and international football, having made his debut for his national team this summer."
Assuming he receives clearance in time, Izquierdo could be in the Brighton squad for the trip to Leicester on Saturday.
The Seagulls opened their maiden Premier League campaign with a 2-0 home defeat to title favourites Manchester City last weekend.
Brighton have let young Norwegian midfielder Mathias Normann return to his homeland, with the 21-year-old joining Ole Gunnar Solskjaer's Molde team on loan until January.
Normann was signed by Brighton from Norwegian second division leaders Bodo/Glimt last month, and joins a Molde side who sit fourth in the top flight.
Brighton manager Hughton said: "This loan move is a good chance for Mathias to gain regular first-team football in a competitive Norwegian league. He already has good experience playing senior football in Norway, and this will aid his development."
