Coleman, who played 32 times for Wales, held talks with the FAW this week and is set to be unveiled as coach at a news conference in Cardiff.
The 41-year-old Coleman resigned as manager of Greek team Larissa on January 9. He has previously coached Fulham, Real Sociedad and Coventry.
Speed was found by his wife hanged at their home on November 27.
Wales' next game is a friendly against Costa Rica on February 29 - a match organised as a tribute to Speed, who made his debut against the central American country in 1990.
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