"Everything practically has been agreed and just needs the signature on the contract," Sevilla said in a statement.
Michel will replace Marcelino Garcia, who was sacked on Monday after taking two points from their last seven league fixtures and overseeing their exit from the Europa League and the King's Cup.
Michel, the 48-year-old former Spain and Real Madrid player, coached Getafe between April 2009 and the end of last season.
After saving them from relegation he guided them to sixth place in 2010, their highest finish in La Liga, and the King's Cup semi-finals.
He parted company with Getafe after a 16th-placed finish last May.
Sevilla were keen to play up the relationship between Michel and their leading striker Alvaro Negredo, who worked under the coach when playing in the Real Madrid youth ranks.
Michel's first game will be away at Real Sociedad in La Liga next Monday when he will be tasked with steering the side from 11th in the standings back into contention for the European places.
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