Harry Redknapp is to return to Portsmouth as manager.
Southampton cleared the way for Redknapp to return to Fratton Park by agreeing a compensation package with their neighbours.
That was the major obstacle preventing Redknapp going back to the club he left in November 2004, but the 58-year-old will now be unveiled at a 5pm press conference.
Portsmouth confirmed Redknapp would be present, completing a dramatic turnaround in his career, after a tumultuous parting of ways with Pompey chairman Milan Mandaric last year.
Southampton rejected an initial offer from Portsmouth to speak with Redknapp, with chairman Rupert Lowe calling a £125,000 package "derisory".
That compensation deal included £75,000 in the event of Portsmouth avoiding relegation and was rejected out of hand, leading Mandaric to claim Redknapp was out of the running for the job.
A new financial package has been agreed, paving the way for Redknapp to leave Southampton after 12 months at St Mary's.
He joined Southampton in controversial circumstances, just days after leaving their fiercest rivals, and is sure to cause more disquiet by heading in the opposite direction.
But Lowe is keen to draw a line under the episode, with Redknapp having set his heart on moving back to his old job.
"This saga had got to the stage of being an embarrassment for football as a whole," said Lowe.
"Portsmouth have produced a compensation package that is just acceptable to this club and I consider that it is in Southampton's best interests to get on with the future rather than dwell on the past.
"I cannot comment on the quantum of the settlement as both clubs are bound by a confidentiality agreement."Reuse content