The deal will be completed once the 27-year-old striker passes a medical at Thorp Arch, with Leeds having agreed to pay Preston North End £1.15m.
"We have needed another striker in," said Kevin Blackwell on the official Leeds website. "Rob Hulse makes a difference by taking a lot of the weight off David Healy and Robbie Blake. To get a lad of Richard's quality in the club is just superb.
"When Rob missed some games this season we have definitely missed a physical presence upfront so it was decided we should go and do that bit of business right now. We now have soem very capable strikers at the football club."
Leeds fought off competition from rivals Sheffield United to sign Cresswell, and chairman Ken Bates told the club’s official website: “We don’t talk about what we’re going to do, we just go out and do it. This signing shows our commitment to the future of this club.”
Cresswell began his career with York City where he became an England U-21 international before moving to Sheffield Wednesday for £950k in February 1999.
Eighteen months later he joined Leicester City and in July 2001 he moved to Preston, whom he helped to the Championship play-off final last season.