Micho stirred up speculation that he could be parting ways with the Federation of Uganda Football Associations (Fufa) after flying out of Uganda secretly to an unknown destination on Monday.
The Serbian tactician is believed to have held talks with his former club, Pirates about the possibility of returning to the Soweto giants as the head coach - replacing under fire Kjell Jonevret.
However, Goal understands that Zamalek have joined PSL giants Bucs in the race for Sredojevic's services after firing Portugusese tactician Augusto Inacio on Thursday.
Inacio, who failed to guide Zamalek to the 2017 Caf Champions League quarter-finals, has been sacked by the club after less than four months in charge of the side.
According our journalists and sources in Egypt, the White Knights are confident of concluding a deal with Sredojevic, who had a short spell in charge of Pirates in 2006.
Zamalek were first linked with Sredojevic in March, 2017, but Fufa managed to retain his services ahead of the 2019 Africa Cup of Nations (Afcon) qualifiers.
Mortada Mansour, the Zamalek club president, has informed Egyptian media on Friday that the club is on the verge of announcing the name of the new foreign coach within 48 hours.