The German Auto Motor und Sport claims the deal will be announced by the Italian team on Thursday at the Suzuka circuit in Japan.
"It is a possibility, but it is not guaranteed," team boss Stefano Domenicali was quoted as saying by the Daily Telegraph in Britain, when asked if Ferrari's next driver lineup will be known in Japan.
The newspaper said lawyers were working hard in Singapore last weekend on the finer details of Kimi Raikkonen's release from his 2010 contract.
The Finn will reportedly return to his team of 2002-2006, with McLaren and Ferrari's mutual sponsor Santander involved in the financial details of the move.
Team boss Martin Whitmarsh was giving little away on Sunday, but he did admit that it is his job to field the best drivers possible, while admitting he has been disappointed with Lewis Hamilton's current teammate Heikki Kovalainen.
And the Briton is quoted as saying by Auto Motor und Sport: "We regard Kimi to be one of the biggest talents in the sport."
It is believed that Hamilton, as well as his father and manager Anthony, are not keen on the prospect of lining up with 29-year-old Raikkonen.
"At the moment I'm very happy with how things are in the team but we have to see what happens," said Hamilton.