Lens have accepted an offer from Bolton and the club is expected to make an announcement before the weekend.
Faye, 26, can play either defence or midfield and looks set to be a ready replacement for retired Spanish legend Fernando Hierro.
The switch to Lancashire will give Diagne-Faye the opportunity to play alongside fellow countryman and only other summer signing El-Hadji Diouf.
In other news, Bolton target Ali Al-Habsi has issued a come-and-get-me plea to Manchester City, stating he is better than current City number one David James.
The Oman international reckons James is past his best and told the national press "James is getting old and probably only has a year or so of good football left in him.
"I must think of which club will offer me the biggest chance to secure a first-team place.
"It is not all about the money, I want to be playing."
This news implies Al-Habsi will not be coming to the Reebok Stadium this year with Sam Allardyce only looking for cover for current number one Jussi Jaaskelainen.