Telemundo's Roberto Rojas was among the first to report the news.
The sources added that Ferreira, 23, is expected to fly to Houston in the next few days to finalize the deal, with the agreed transfer fee around $6 million.
If the deal is completed, Ferreira will join a Houston side in need of attacking help, with Dynamo's 36 goals in 2021 tied for the second-worst mark in Major League Soccer.
Ferreira began his professional career in his native Paraguay with Olimpia in 2016. He subsequently was loaned to Paraguayan second tier side Independiente FBC, where he scored 13 goals in 19 matches in 2018.
Later that year he moved to Liga MX with Morelia -- now Mazatlan -- where he went on to score 16 goals in 52 league and cup appearances. In 2020, Ferreira was loaned to Libertad in his home country, where he has scored 34 goals in 78 league and cup appearances.
At international level, Ferreira has represented Paraguay at under-17, under-20 and under-23 level, but has yet to make an appearance with the senior team.