Roy Hodgson, the former England boss, is set to become the new head coach of the Hornets.
Ranieri was sacked on Monday after three-and-a-half months in charge, with the Hornets 19th in the table, two points from safety.
All parties are expected to assess his future at the end of the season, when he is expected to sign a short-term deal. Sky Sports News understands that the deal is easily extendable.
The Englishman, who has been out of work since leaving Crystal Palace at the end of last season, arrived at the training ground on Tuesday morning to complete the deal.
If the paperwork is done in time, the players will arrive for training at midday.
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Ranieri spoke exclusively to Sky Sports News before he left and said good luck to everyone at the club.
He was asked if he was given enough time to make his mark. I believe that with new players,Watford can be safe. I wish you all the best.
At 74 years old, he will be the oldest ever manager in the premier league, and he has managed 17 different clubs in his 46-year managerial career.
During his time with Udinese in 2001, he was dismissed after 17 matches, but he has always had good relations with the Italian owners.
Ranieri had failed to turn around the team's fortunes since he was appointed in October. The Hornets dropped into the bottom half of the table for the first time this season after Friday&s loss to Norwich.
They have not won in nine games in all competitions, their longest run without a victory since December.
It was the biggest margin of victory in the division since 1993, when they beat Everton by a single goal.
Since a 2-0 win vLiverpool in February 2020 in which they scored three goals,Watford have gone 30 games without a clean sheet, the second-longest such run in the history of the competition behind West Brom's 34 games in 2011.
Since the start of the season, only one team has picked up more red cards than the other.
They lost seven of their last eight league matches. Their most recent victory was against Manchester United.
Since the departure of Javi Gracia, five head coaches have been fired by the Hornets.
During that time period, the club has had six departures and two spells as caretakers.
The Pozzo family has had 15 permanent managers since completing their takeover ofWatford in June.
The re-arranged game will take place on Saturday, February 5 at 6pm.
Sky sports reporter Gary Cotterill.
Roy Hodgson has all the experience in the world and is a safe pair of hands. This will be his 22nd job in 45 years. He worked miracles at Crystal Palace.
They lost their licence to thrill when he arrived. He did a similar job at Cottagers after they finished 11th in the Premier League.
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He is a very experienced manager having also been at Inter Milan, and England. He wants to show he can operate at the top level even at his age.
He left Palace through his own decision, but as he told Sky Sports News last week, he still has a hunger and believes he can turn things around. Maybe he caught the ear of the owner of the Hornets.
He signed some paperwork on Monday and was already at the training ground.
Who will be moving in January?
The January transfer window closes at 11pm on Monday January 31.
Sky Sports has a dedicated Transfer Centre blog where you can keep up-to-date with all the latest transfer news. Sky Sports News has the ins, outs and analysis.
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