The 39-year-old is set to take charge of the Ligue 1 outfit, which parted company with Claudio Ranieri earlier Tuesday.
Jardim only arrived in Lisbon from Olympiakos last summer but, after a stellar debut season at the Estadio Jose Alvalade in which he led a young Sporting side to a second-place finish in the Primeira Liga, the 39-year-old was linked with a move to the Stade Louis II.
That speculation only intensified after Monaco parted company with Italian coach Claudio Ranieri on Tuesday.
The French side's vice president, Vadim Vasilyev, refused to be drawn on the identity of the club's new boss but it has been reported that Jardim has already agreed a two-year contract with Les Rouges et Blancs.
"I can't confirm the name of the new coach as we are still negotiating some details," the Russian stated. "We want someone who can bring an offensive way of play that will be enjoyed by our fans."
Jardim, who was born in Venezuela to Portuguese parents, started his coaching career as an assistant boss at Camacha at the age of 27. He has since had spells at Chaves, Beira-Mar and Braga, as well as Olympiakos and Sporting.