Yes, approaching is a Scrabble word!

Verb

1. Move towards

2. Come near or verge on, resemble, come nearer in quality, or character

3. Begin to deal with

4. Come near in time

5. Make advances to someone, usually with a proposal or suggestion

Adjective

1. Of the relatively near future

Noun

1. The event of one object coming closer to another

2. The temporal property of becoming nearer in time

3. The act of drawing spatially closer to something