The 35-year-old former England winger was released by Sheffield Wednesday last week and could make his debut in tomorrow's home game against Clydebank.
"I don't want to say too much at this stage because Chris has not yet signed the deal," Eamonn Bannon, the Falkirk manager, said. "He is coming here tonight to dot the i's and cross the t's on a short-term contract."
The move north has been brokered and financed by the Falkirk director Neil Binnie, who has business interests in Sheffield.
Falkirk were relegated from the Premier Division last season and chairman George Fulston revealed that he had looked elsewhere. "I tried to sign Superman, but he wasn't available," he said. "We are looking for anyone who can put points on the board."
Tottenham paid pounds 590,000 for Waddle in 1985 and four years later he made a pounds 4.25m move to Marseille. Wednesday paid pounds 1m to bring him back in 1992.
Falkirk have enjoyed sound service in the past from English players like Simon Stainrod and Tony Parks, while Andy Gray, the former Tottenham winger, is currently on the playing staff.
Waddle's wage in Scotland is unknown, but it is unlikely to be in Slaven Bilic's league - the Croatian having been offered pounds 10,000 a week to stay at West Ham United and not succumb to Tottenham or Manchester United's advances.
"It is too early to say what the conclusion will be, but I think and hope I will stay," the 28-year-old defender said.
Dariusz Wdowczyk has asked First Division Reading for a transfer after a half-time dispute during Tuesday's 3-2 defeat at West Brom. The rift comes four months after the 33-year-old defender, signed a two-year extension to his contract.
Wdowczyk did not emerge for the second half because of a groin strain. "I did my best but I couldn't go on," the former Polish international said. "Jimmy Quinn told me he was not happy with me coming off. I don't want to play for those managers [Quinn and Mick Gooding] again."
Bryan Robson and Graeme Souness have asked for personal hearings of their disrepute charges. Both managers were reported by Premiership referee Mike Riley for comments allegedly made to him after matches last month. Wolves are to appeal against the decision of a Football League commission who ordered them to pay Leicester City damages of pounds 250,000 over the transfer of keeper Zeljko Kalac.Reuse content