Yakubu netted 17 goals in 30 Premier League games last season but could not save Steve Kean's side from relegation.
Despite having two years left to run on his contract at Ewood Park, the 29-year-old Nigerian could become the latest player to secure a lucrative move to the Far East, with Didier Drogba reportedly close to joining former Chelsea team-mate Nicolas Anelka at Shanghai Shenhua.
Guangzhou's deputy director Lu Yi told Jinghua Times: "Yakubu is our first choice and everything is going well now.
"We hope he will be in Guangzhou this weekend."
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