And Sky Sports understands the governing body's chief executive John Delaney is planning to install the 'dream team' this Saturday.
O'Neill, 61, and Manchester United legend Keane take over from Giovanni Trapattoni - who was sacked in September following the country's failure to make the World Cup finals - and will be in charge of their first game against Latvia in Dublin on November 15.
O'Neill, who has had spells in charge of Wycombe, Norwich, Leicester, Celtic and Aston Villa, was sacked by Sunderland in March and had been hoping to return to the Premier League to show the decision to axe him was a mistake.
Keane, whose first management job was at the Stadium of Light, has been out of the game since January 2011 when he was jettisoned by Ipswich.
He has stayed in the public eye as a TV pundit and saw his combative and unpredictable personality highlighted recently by Sir Alex Ferguson in the Scot's new autobiography.
Keane was outspoken when he was Manchester United's captain and also caused controversy playing for his country, clashing with managers and the Irish FA over a number of issues.
The most famous incident came at the 2002 World Cup in Japan when the midfielder attacked the team's preparations and the facilities they had to use before a dramatic falling out with manager Mick McCarthy.
O'Neill was a Northern Ireland international as a player, representing his country between 1971 and 1984.