Clarets boss Sean Dyche is zeroing in on the promising young defender as he seeks to bolster his defensive options ahead of next season.
Burnley have been tracking Collins for some time and tried to snap him up in the January transfer window, only to see Stoke knock back their bid.
Stoke were claimed to want over £10m for Collins and Burnley’s £12m figure was one they were hopeful would be enough.
It remains to be seen if the Potters are looking for earn more from Collins’ departure, or want various add-ons including in the deal.
The Irishman made 27 appearances over the course of last season for Stoke and the Potters have him under contract for another three years.
But playing in the Premier League at Burnley may be an attractive proposition for the 20-year-old.