The deal would see Macheda sign on loan until the end of the season, leaving current club Cardiff City.
Macheda, 24, is out of favour at Cardiff and has not been selected to start a single Championship game all season, making just six appearances from the bench, and failing to score.
He netted six goals in 21 games for the Welsh side in 2014/15.
Macheda is best known for his heroics as a teenager when he scored for Manchester United to help them turn a game against Aston Villa which pushed them towards winning the Premier League title in 2008/09.
He failed to follow up his success, and had unproductive loan spells with Sampdoria, QPR, and Stuttgart, Doncaster, before netting 10 goals in 18 games for Birmingham before leaving United in 2014.
TMW claim the former Italian under-21 international will seal his switch tomorrow (Friday)