Thierry Henry is expected to agree a deal to become Monaco head coach within the next 48 hours, Sky Sports News understands.
Talks are at an extremely advanced stage and though a deal is not fully concluded yet, both parties are hoping to settle on terms over the weekend.
Monaco sacked Leonardo Jardim on Thursday with the club 18th in Ligue 1 and having won only once this season.
Other names on Monaco’s shortlist were former Chelsea head coach Antonio Conte and River Plate manager Marcelo Gallardo.
Since winning the French title in 2017, Monaco have raised almost half a billion pounds by selling players such as Kylian Mbappe (Paris Saint-Germain), Bernardo Silva and Benjamin Mendy (Manchester City), Tiemoue Bakayoko (Chelsea), Thomas Lemar (Atletico Madrid), and Fabinho (Liverpool).
Henry, currently assistant manager of the Belgium national team, started his playing career at Monaco in 1994 and he was part of the side that won the French title in 1997 under Jean Tigana.
He ruled himself out of the running to replace Steve Bruce as Aston Villa manager before Dean Smith was appointed earlier this week.