Bruce, 58, is scheduled to meet with the Magpies' hierarchy in the next 24 hours and could be appointed as Rafa Benitez's successor as early as the upcoming weekend, according to the Guardian's Paul Wilson.
The only sticking point in negotiations is expected to be the compensation for the Championship side, which some suggest could be up to £5 million. Wednesday chairman Dejphon Chansiri is expected to try to retain Bruce, who only oversaw his first match at the club on Feb. 2.
Bruce would be taking the job that Sam Allardyce didn't want. The latter, who managed Newcastle for eight months of the 2007-08 season, claimed on talkSPORT that he declined an offer to return. The allure of Tyneside appears too much for Bruce, though, as he was born in the area and was a boyhood Newcastle fan.
Benitez left the Magpies when his contract expired earlier this summer, stating that controversial owner Mike Ashley and the rest of the board "did not share the same vision." The Spanish gaffer has since taken over Chinese Super League side Dalian Yifang.