The Newcastle man has already enjoyed two loan spells with the Seagulls and manager Gus Poyet was eager to bring him back.
Talks with the 20-year-old winger have been going on for some time leading the Uruguayan tactician to comment that the deal "is going to be now or never."
However, it seems that Brighton have now finally got their man and should he impress in the Championship then the Seagulls will have the option of retaining his services permanently.
LuaLua is set to become Poyet's fifth acquisition this summer following the arrivals of Craig Mackail-Smith, Roland Bergkamp, Will Buckley and Will Hoskins.
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