Accroding to the 'Herald Sun', talks had well advanced between Warne's management and Channel Nine's chief executive Eddie McGuire, with the deal expected to be announced within six weeks.
The new contract is expected to involve far more than cricket commentary and cricket-related matters.
Interstingly, it was Kerry-Packer's Channel Nine which revoked its contract with Warne after his sexual escapade during the Ashes last year went public. As an aftermath of the scandal, the leggie also broke up with his wife Simone Warne.
However, his on-field talents, since then, put Warne back on the sponsors' radar and the leggie had recently signed a long-term contract with British-based sporting goods company, Mitre.
Mitre has several ideas for Warne, which includes having him launch his own clothing brand.
A great mate of late Mr Packer, Warne's association with Channel Nine began in 1994, and he regularly spoke with the media tycoon about cricket matters.
Packer, Australia's richest man for four decades, died last December after a long battle with illness.
The imminent signing of Warne comes as Nine considers a revamp of its crowded commentary team.