Trent Barrett has agreed to a three-year deal to coach the Canterbury-Bankstown Bulldogs, according to a report by The Sydney Morning Herald.
However, Barrett will not move to Belmore until after the season to ensure Penrith's 2020 campaign stays on track.
An official club announcement will come within days, ending any speculation that a late contender such as former Cowboys coach Paul Green could be in line to replace Dean Pay.
Current caretaker coach Steve Georgallis will retain his post for the remainder of the season, as Barrett will remain as Penrith assistant coach.
The Panthers reportedly believe that they are a strong contender for the premiership and do not want Barrett's departure to be a distraction.
His impact on Penrith is said to be positive and the club wants to continue that relationship before releasing him from the final year of his contract.
With the Bulldogs anchored in last position, there is likely little change Barrett could make to the side this season. However, Barrett will start to work on adding to Canterbury's roster while at Penrith.
Panthers playmaker Matt Burton could follow Barrett to Canterbury for more opportunities, while Barrett is also close to Corey Harawira-Naera, who is set to decide on remaining at the Bulldogs or sign with a rival club such as the Canberra Raiders.
Manly Assistant John Cartwright, who shares the same manager as Barrett, is also reportedly weighing up a move to the Bulldogs.