After international legend Andriy Shevchenko turned down the position, the former Tottenham boss has emerged as the favorite for the Euro 2012 co-host.
The Euro 2012 co-host was turned down by former striker Andriy Shevchenko following the resignation of coach Oleg Blokhin in late September, as he 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, including the England national team.
The 65-year-old has now emerged as the favorite for the role with the Zhovto-Blakytni, after his representatives met 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 sits fifth in its World Cup 2014 qualifying group with two points from three games, including a 1-1 draw with England in September.