The Scottish Sun cite Nicolas Romay, a respected Mexico TV and radio pundit as claiming that Caixinha, 46, has an agreement to take over in the second part of the season in 2018.
It is said that Mexico City giants Cruz Azul look to have won the race to land Caixinha after flying out to Portugal to discuss terms with him.
Spaniard Francisco Jemez, who is the current manager of Cruz Azul, is out of contract next month and they appear to have already decided to replace him.
“There is already a pre-agreement reached with Pedro Caixinha to be manager of Cruz Azul for the second part of the season in 2018,” Romay said, as quoted by the Scottish Sun. “They have met with Caixinha in Portugal and the deal is agreed.
“As soon as Jemez’s contract expires, Caixinha will arrive at the club.”
The Scottish Sun report that a pay-off has been agreed between Rangers and Caixinha as he prepares to relaunch his managerial career.