The 25-year-old has been on loan from Porto since January.
"The deal is subject to a work contract being signed between the athlete and the club," Porto said in a statement on Thursday.
Guarin impressed for Porto under former coach Andre Villas-Boas in the 2010-2011 season and, while he endured an injury-plagued first few months in Italy, he has recovered and is seen as a rising prospect for Inter.
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