Talks between the Frenchman and the Ivorian Football Federation are understood to be at an advanced stage, with an agreement now believed to be close.
Renard, who previously led the Elephants to the 2015 Africa Cup of Nations title, would succeed Emerse Faé if the deal is finalised. The experienced coach has a strong record on the continent, having also won the AFCON with Zambia in 2012, making him the only manager to lift the trophy with two different nations.
Further details on the length of any contract and the formal announcement timeline are expected in the coming days.