It's understood the deal for the former club coach, and a man who understands the club better than potentially anyone, will run for three years and see him rebrand as the director of football at the joint venture.
The deal is reported to be worth $1 million over the three-year period, according to a News Corp report.
Sheens is the only premiership winning coach in the club's history, and the Tigers haven't made the finals since he departed a decade ago.
He has since been working in England, but is now set to return to the club where he made a significant name for himself as a coach at NRL level.
The embattled club have had not just a long and tedious decade, but are coming off a horrendous 2021 season.
The Tigers finished in the bottom four amid speculation of roster upheaval, and mounting pressure on coach Michael Maguire, who narrowly escaped with his job at the end of an internal review following the completion of the season.
Sheens has all been locked in for a Tigers' return for months, however, there was no confirmation as to his role. It would now appear he will be as senior as it gets in the football chain, with the 70-year-old set to have his hands over the roster and coaching structures of the club.
It's understood the club has over $1 million left on its salary cap for 2022 and the following years though, and Sheens could be the signing they need to trigger a wave of player movement as the battling joint venture looks to escape the bottom four and make a return to September football.