According to sources, Georgia Tech is looking for a new head coach to be named by the end of the year.
According to sources, the deal is expected to be finalized in the next day or two.
Georgia Tech went 4-4 with Key as the interim coach as he took over a program that started the season 1-2 under Collins, who was fired in September.
Key led the Yellow Jackets to victories over Pitt, Duke, Virginia Tech, and North Carolina, showing dramatic improvements in performance and energy.
Key was a member of the Tech team that started 44 games from 1997 to 2000. Before becoming the interim head coach, he was the assistant head coach, run game coach, and offensive line coach.
An agreement is expected to be reached after the sides meet Tuesday. J Batt, who came from Alabama to help revive Tech's athletic department, will be the first hire.
Sources said that the school interviewed 10 to 12 candidates.
Tech's reluctance to guarantee large portions of the contract made it difficult to lure a big outside name.
Collins is owed more than $11 million by the school.