After international legend Andriy Shevchenko turned down the position, the former Tottenham boss has emerged as the favourite following a meeting with the UFF on Tuesday
The Euro 2012 hosts were turned down by former striker Andriy Shevchenko following the resignation of coach Oleg Blokhin in late September, who took over at Dinamo Kiev.
Redknapp was sacked by the White Hart Lane club back in June and has constantly been linked with several managerial jobs in the last few months.
The 65-year-old has now emerged as the favourite for the role with the Zhovto-Blakytni, after meeting with Ukrainian Football Federation chiefs on Tuesday.
A statement on the federation’s website read: "The presidium took the decision to begin talks with Redknapp's representatives relating to him working in the post of chief coach of the national Ukraine team.”
Ukraine currently sit fifth in their World Cup 2014 qualifying group with two points from three games including a 1-1 draw with England in September.