Speaking at the club's annual general meeting at the MCG on Wednesday night, Magpie president Eddie McGuire said the deal would be finalised in the coming days.
Collingwood played its last home game at Victoria Park in the final round of 1999 and since then has been the largest-drawing club at the MCG and become the anchor tenant at the ground.
The Pies usually play nine home games a year at the MCG with the other two, usually against sides from outside Victoria, at Etihad Stadium.
McGuire also said last night that Collingwood's $36 million redevelopment of the Westpac Centre and surrounds was almost complete and that the side should be ready to train on the new MCG-sized oval situated where Olympic Park used to sit, by early April.
New facilities for the football department on the eastern side of the Westpac Centre (where the Victorian Institute of Sport used to be located) are also nearly complete, including new medical and sports science facilities.
McGuire also announced a new $10 million community sports facility that will adjoin the Westpac Centre. It will include change facilities, theatre facilities, a dining room and a café.
The club also announced that a statue of club legend and former media star Lou Richards, would soon be completed.
Life memberships were awarded to Chris Tarrant, who retired at the end of last season after two stints with the club and Josh Fraser, who spent 11 years with the club before finishing his career at Gold Coast. Phil Carman, the prodigiously talented 1970s utility was also given a life membership as part of a new initiative by the Magpies to award life memberships to all Copeland Trophy winners who have not yet received the honour.
A posthumous life membership was also awarded to Dick Condon, a freakishly skilled footballer who played with the club when it first joined the VFL in 1897.
Late last year, Collingwood announced a $7.83 million profit. Of this, $4.86m resulted from club operations and the remaining $2.97m from the AFL's media rights deal.
Jack Kennedy, Alex Waislitz and Paul Leeds were re-elected unopposed to the board for another three years.
