Sky sources understand a deal with the former England international has been agreed and his appointment will be confirmed at a 1.30pm press conference, with current manager Graham Westley’s contract expiring on May 31.
Sheringham is currently an attacking coach with West Ham and the deal with the Sky Bet League Two club will see the 49-year-old take up his first post in management.
Speaking from Wentworth on Wednesday, where he was playing in the pro-am ahead of the BMW PGA Championship, Sheringham told Sky Sports News HQ: “I have been given permission to talk to them, they want to talk to me and I’m looking forward to hearing what they have to say.
“I’ve had a very enjoyable season at West Ham. Sam Allardyce has been absolutely fantastic – first of all inviting me and then giving me the experience to be involved with all the coaching staff and meetings.
“He has been very open with me and I have the utmost respect for him but after the year, which I have enjoyed, I am ready to move on now and hopefully get a job myself and hopefully there will be some news by the end of the week.”
In a statement, Stevenage chairman Phil Wallace said: “Stevenage FC have confirmed they are in talks with former Manchester United, Spurs, West Ham and England international Teddy Sheringham with a view to him taking over as manager next season.
“Graham Westley’s agreement ends on 31 May and his team couldn’t have done more from a results viewpoint this season, but Graham’s been Stevenage manager for eight of the past 12 years and that’s a long time at this level of football.
“Our board doesn’t dishonour contracts at a whim, so even when things weren’t going well in 2014, we kept the faith and our faith was rewarded by results in 2015.
“Graham may now have some football offers coming in that we wouldn’t be able to match and I know he has some opportunities outside of football to consider.
“Despite the utmost respect and appreciation I have for everything he’s done for Stevenage FC, sometimes you have to accept that a business needs to change to refresh itself and evolve.
“Sometimes that means management, sometimes it means owners and sometimes it means both. Change inevitably brings risk and that can’t be avoided, but at some stage change in a football club has to occur if it’s been shown that attendances do not provide sufficient funds for a successful team.”
Sheringham, retired from competitive football at the end of the 2007/08 season with Colchester at the age of 42.
He scored 98 goals in two spells with Spurs, between which he won three Premier League titles, an FA Cup and the Champions League with Manchester United. He was capped 51 times by England, scoring 11 goals.