Warburton has led Glasgow Rangers to promotion and cup success since arriving at Ibrox.
The former Brentford boss is set to put pen to paper on his contract once he returns from his holiday having reached an agreement with Dave King, the Record claims.
The news that Warburton is ready to commit his future to the club will be a relief to the Light Blues' fans as the Record suggests that the boss had been hoping to get the deal done and dusted before the Scottish Cup final with Hibernian.
The Record adds however, that his wages are still some way adrift of the money that newly-appointed Celtic boss Brendan Rodgers is set to pocket during his time at Parkhead.
Nevertheless, with Warburton being touted as a candidate on almost every occasion that a job becomes available in England, the fact that he is ready to sign a new deal shows that he views his current role at Ibrox as the opportunity that presents the most potential.
And having led the side back to the Scottish Premiership, as well as the Scottish Cup final and Challenge Cup glory, and having done it with a style of play that has made them excellent to watch, it appears that exciting times could be around the corner, especially now Warburton has agreed to stay at the helm.