The Portuguese is in extensive talks with the Nigeria Football Federation and an announcement will be made once everything is finalised.
Peseiro will be on a monthly salary of $50,000.
The 62-year-old was originally expected to take over the Super Eagles after the 2021 Africa Cup of Nations in Cameroon before the NFF settled for Augustine Eguavoen on interim capacity.
Frenchman Laurent Blanc, Ernesto Valverde and Philip Cocu were rumoured to be among the contenders for the position.
Peseiro has also managed the Saudi Arabia and Venezuela national teams in the past.
The NFF named Salisu Yusuf, Finidi George and Usman Abdallah as assistant coaches for the Super Eagles last week.
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