It has been claimed discussions have been going on for a fortnight after the Ukrainian FA made the former Spurs boss their number-one target.
Redknapp's agent Paul Stretford is thought to be in Kiev thrashing out the details of the deal, which will see his client back in work for the first time since being shown the door at White Hart Lane in June.
QPR had been expected to sack Mark Hughes and chase his managerial services, but Redknapp may well agree a contract with Ukraine by the end of this week.
He previously told Sportsmail: "It's a fantastic job. I found out about it a couple of weeks ago when they got in touch with my advisors. I am serious about it.
"They are an up and coming football country with some very good young players, some great teams like Shakhtar and some great stadiums.
"I will talk to them and see if we can sort something out. I'm definitely interested, without a doubt."
If Redknapp agrees to the offer, he would be set to lead Ukraine when they face England in a potentially crucial World Cup qualifier in Kiev next September.