Insiders close to the matter told Bloomberg that an official announcement on the deal is expected shortly, with the executive set to take up her new position with Bank of America from December.
She is reported to have left her post as head of Deutsche Bank's China advisory last week.
Her appointment has been confirmed by Rob Stewart, a Bank of America spokesman based in Hong Kong, although Deutsche Bank has declined to comment on the matter so far.
It is expected that her new role will be chiefly focused on improving Bank of America's M&A coverage in China.
Last month, the Bank of America Merrill Lynch survey of fund managers found that investors are hopeful the Chinese economy will continue to strengthen over the next 12 months.
By Asim Shah