Phillip Cocu is set to be confirmed as Derby's new manager, Sky Sports News understands.
Cocu's agent is in the UK and is understood to have agreed a deal with Derby owner Mel Morris.
On Thursday, Frank Lampard was appointed as the new head coach at Chelsea on a three-year contract.
It is believed Cocu has verbally agreed to take the Derby job on a four-year contract, with only a few legal details to be agreed.
Sky Sports News understand his long-term assistants - Twan Scheepers and Chris van der Weerden - will be joining Cocu as part of his coaching team at Derby.
Morris has convinced the Dutchman he will have the time and the funds available to build a squad capable of gaining promotion to the Premier League.
Cocu, like Lampard, enjoyed a glittering playing career, winning league titles with PSV Eindhoven and Barcelona as well as making 101 appearances for the Netherlands.
The 48-year-old then won the Dutch league title three times in four seasons as PSV boss and joins the Rams after leaving Fenerbahce in October following a short, unsuccessful stint at the Turkish club.
Derby's search focused on finding a coach capable of developing young talent and Cocu's record at PSV convinced them of that, quickly making him their number one target.
During his time managing his home town club in Eindhoven, he spent around £49m on player recruitment, while generating more than £134m in player sales.
Meanwhile, the Derby squad is due to fly to America for a 10-day pre-season training camp.
Cocu is currently in Holland, but will join the team out in Sarasota on Florida's Gulf Coast as soon as the contract has been signed.
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