Spanish coach Michel will be returning for a second spell in charge of Greek champions Olympiakos, the Athens News Agency reported on Tuesday.
He is set to replace Spaniard Carlos Corberan, who was fired after a 2-1 Super League loss at Aris Thessaloniki on Sunday.
Michel has reportedly reached an agreement with Olympiakos and is expected to sign his contract later on Tuesday.
The 59-year-old won two Greek league titles and the Greek Cup during his first stint at the club from 2013 to 2015.
Corberan, 39, lasted only six weeks with Olympiakos and leaves with the club seven points adrift of leaders Panathinaikos after five matches.
Olympiakos are owned by Evangelos Marinakis, who also owns Nottingham Forest, and last week the Greek giants signed former Real Madrid star James Rodriguez.
Greek media had reported that Marinakis was hoping to sign former France and Paris Saint-Germain coach Laurent Blanc but that the two sides failed to agree terms.