The 55-year-old is lined up to take over at Queen's Park after confirming his departure from Indian side Jamshedpur, who he guided to a first-ever league title earlier this month.
And, according to the Scottish Sun, the former Bolton and Burnley boss is also keen to bring Greg Stewart with him, the 32-year-old having been a key player under Coyle at the Indian Super League side.
Stewart scored 10 goals and 10 assists in 19 appearances for Jamshedpur since making the move in September following his departure from Rangers and a move to the Spiders would be considered a significant coup for the ambitious League One club.
Queen's Park hope to have Coyle and assistant Sandy Stewart in place ahead of their fixture against Clyde on Saturday..
Coyle confirmed his departure from Jamshedpur, stating: “I have had two absolutely wonderful years with Jamshedpur.
“The people I met and the relationships we forged are among the best I’ve had in football.
“So it’s with a heavy heart that I tell you I won’t be continuing this journey as I’m returning home for family reasons.
“But if I return to India in the future, we’ve agreed Jamshedpur will be my first choice to work if the club require my services at that time.
“I have a massive attachment to the club and I consider it home.
“Even though we didn’t have the supporters in the stands we could feel their love and passion towards the players.
“We tried our very best to give them a team to be proud of, a team that went on to become the champions of the Super League and the best team in the country.
“I want to thank the management, the staff, the players and all the fans for their constant and unwavering support. I will miss you all.”