The executive board of the ICC took the decision to offer the 43-year-old the position at a meeting in Dubai on Tuesday.
''I am humbled that the ICC has stated that it will invite me to fulfil such an important role within cricket, a sport that has a very special place in my heart,'' Imtiaz said in a statement.
Patel will be invited to take up the post for an initial period of three years when Speed stands down in June.
''I enjoy a most rewarding and happy career in my current role as CEO of SuperSport, which is a dynamic organisation within a wonderful international group,'' Imtiaz said.
''I will therefore be considering my position very carefully during the coming weeks and will be engaging in discussions with the ICC during this period,'' he added.
''In the interests of the confidentiality of all candidates, I feel that it will be inappropriate to make any further public comment about the ICC post, prior to the finalisation of the process.''
Imtiaz is currently the chief executive of South African broadcaster SuperSport International. He worked for the United Cricket Board (UCB), predecessor of Cricket South Africa (CSA), from 1991 to 1999.