Scolari, 64, is expected to be confirmed as Brazil's new coach during a press conference at the Brazilian Football Confederation's (CBF) headquarters in Rio de Janeiro Thursday, Xinhua reports.
Brazil's 1994 World Cup�'winning coach Carlos Alberto Parreira will be named the team's technical director, O Globo reported on Wednesday.
"This is the time to forget all of our problems and focus on the World Cup," Parreira said.
"I have a great relationship with Felipe and it will be a pleasure to work with him. Together we can help Brazil achieve its goal of winning its sixth World Cup."
The Brazil coaching position has been vacant since the sacking of Mano Menezes last Friday.
CBF president Jose Maria Marin had initially said Menezes' replacement would not be named until January but it is believed increasing speculation surrounding Scolari changed his mind.
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Earlier this year, Scolari revealed his desire to coach again at international level.
His 2002 World Cup success was followed by a stint with Portugal, whom he led to the final of the 2004 European Championship and semi�'finals of the 2006 World Cup.
He quit the Portugal role in 2008 to join Chelsea where, following a bright start, he endured a disastrous run of results. He was sacked in February 2009 amid reports of a player revolt.
After a stint with Uzbekistani team Bunyodkor, Scolari was appointed coach of Brazil's Palmeiras in 2010. He led the side to the Copa do Brasil in July this year before being dismissed two months later following a lean run.