Shoaib, 38, who retired in 2011 during the 50-over World Cup, was offered the position of head coach by State bank for the upcoming domestic season in Pakistan.
"Shoaib has agreed to become head coach of our team and we are very pleased he has shown interest in coaching a domestic team," Zaheer-ul-Hassan, the manager of the bank team, told Reuters.
"Contract papers are being prepared after Shoaib confirmed his interest in coaching our team."
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State bank are one of the leading teams on the first-class circuit but have struggled to attain top position during the last two seasons.
Shoaib, famous during his playing days for his raw pace, has said in the past that he was interested in a coaching career.
The paceman, who took 178 test wickets and 247 one-day international wickets during his career, had even offered in the past to work with the Pakistan fast bowlers if the country's cricket board approached him.
Zaheer said he felt Shoaib was preparing for a full-time coaching career and wanted to start at the domestic level.
"Once the contract is approved by our board of governors, he will certainly provide a image boost to our domestic cricket," the former first-class player said.
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