Real Madrid president Florentino Perez has called a press conference for Wednesday evening and is expected to confirm that Jose Mourinho will be replacing Manuel Pellegrini as head coach.
The club's board will meet at 1830 local time and the press conference will be held one hour later at the Bernabeu. Madrid-based newspaper As reports Perez will announce that a deal has been reached with Mourinho.
After winning the Champions League with a 2-0 win over Bayern Munich at the weekend, Mourinho spoke about the challenges ahead at Real and how he hopes to become the first player or coach to win the league in England, Italy and Spain.
But Manuel Pellegrini is technically still in a job at the Bernabeu and Inter president Massimo Moratti, who is already reconciled to finding a replacement, said earlier in the day that talks are yet to get underway between the two clubs.
When asked if Mourinho's move had been agreed, Moratti told the club's official website: "No. Not even close, actually quite the opposite. We haven't even started (to discuss it). We will need a bit more time.
"I don't feel fooled [by Mourinho's desire to join Real]. The annoyance was overcome as Mourinho's concentration remained the same and he achieved all the aims that he had to achieve. But the annoying part comes now, with the damage of having to find someone new."
It has been reported that Mourinho is looking to take Wesley Sneijder with him to Real, but the Netherlands international has denied that he is ready to return to the Spanish capital.
Sneijder joined Inter from Real last summer as Perez sought to make room for Kaka in the squad.
"I will remain in Milan," Sneijder said. "I have experienced a fantastic year, clinching three trophies and now Inter will have to defend them. They will do it with me.''