A move to Japan had been mooted, but according to Sportsmail, talks are at an 'advanced stage' over a box-office move to Bath with the Gallagher Premiership side said to be a 'very likely' next destination for the 30-year-old.
Russell would join the West Country club as a marquee player meaning he would be exempt from the salary cap and would likely to become their highest earner. His current contract is said to be worth an estimated £850,000 a season.
Russell was at his creative best in Scotland's 52-29 win over Argentina at Murrayfield on Saturday having been reinstated to the squad after being left out of Gregor Townsend's original selection for the Autumn Series.
He missed the defeat to Australia and win over Fiji with Townsend urging him to concentrate on his club form, which he duly did, inspiring Racing 92 to their best run of the season, winning three from three and weighing in with 57 points.
He was subsquently called into the Scotland squad following an injury to Adam Hastings and was put straight back into the starting XV for matches against New Zealand and Argentina, excelling in both.
A move to Bath would see Russell link up with international team-mate Cameron Redpath while also bringing him closer to home ahead of the impending birth of his first child with partner Emma Canning.