Nuno Espirito Santo was finalising a deal to become the highest-paid manager in Nottingham Forest's history on Tuesday night after they sacked Steve Cooper.
The ex-Wolves and Tottenham boss is expected to be named the new Forest boss on Wednesday after holding talks with club owner Evangelos Marinakis.
Cooper's two-year reign, which saw Forest back in the top flight for the first time this century, ended on Tuesday after his relationship with Marinakis had become increasingly strained in recent months.
The Welshman, 44, was thought to be on a salary of around £2million a year on a contract that ran until 2025 and the compensation package is expected to be roughly the same amount.