Sources tell sister station ABC11 that the UNC Board of Trustees will meet Wednesday to approve Belichick's contract. Any official announcement requires Board of Trustees approval.
Belichick is a six-time Super Bowl champion and one of the most renowned coaches in NFL history. He has 302 wins in the National Football League, placing him just 16 shy of the all time record.
He arose as a surprise possible candidate for the UNC football job vacated after the dismissal of former coach Mack Brown. Brown is a Hall of Fame Coach who returned to UNC for a second stint and brought the Tar Heels back to relevance, but was unable to rocket UNC into national prominence.
UNC leaders hope hiring Belichick is that next step to making the traditional basketball school a football powerhouse as well.
"That's what we need, somebody that can come in and take us from good to great. How do we compete for championships - ACC and national championships?" Cunningham said on a UNC-produced podcast at the beginning of the coaching search.
Offer extended to Bill Belichick to become new UNC head football coach
Previous reporting by ABC11 uncovered that Belichick had spoken at length with Chancellor Lee Roberts about the coaching vacancy.
An official with the UNC football program would not comment Tuesday night on speculation that a deal is done, saying of the news "No not at this time."
On Monday, Belichick confirmed he has been in talks with UNC for the school's open coaching job in an interview on "The Pat McAfee Show."
Sources told ESPN that talks between UNC and Belichick, 73, have continued, with some resolution expected this week.
ESPN's Adam Schefter reported that Belichick met with North Carolina officials for five hours on Sunday. A smiling Belichick declined to comment when asked specifically about that interview, joking that he wanted to keep his old news conference aura.
Belichick confirmed to McAfee that he has had a "couple of good conversations" with Roberts. He added: "We'll see how that goes." He concluded the interview by saying about the UNC job: "We'll see. We'll see."
Inside Carolina first reported that Belichick had interviewed with UNC last week, a report later confirmed by The Associated Press, as the Tar Heels seek a replacement for Brown. The school fired its all-time winningest coach and College Football Hall of Famer, announcing on Nov. 26 that he wouldn't return for a seventh season in his second stint with the school.
Brown coached his finale in the Nov. 30 home loss to rival N.C. State.
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Moving on from the 73-year-old Brown to hire the 72-year-old Belichick would mean UNC is turning to a coach who has never worked at the college level, yet had incredible NFL success alongside quarterback Tom Brady throughout most of his 24-year tenure with the Patriots that ended last season.
In the time since, he had been linked to NFL jobs, notably the Atlanta Falcons in January.
Belichick did talk in hypotheticals about what his college program could look like, stressing "I-F" he took a college job. He observed that modern college football looks a lot more like the NFL.
While Belichick didn't dive into details of his UNC discussions, he did offer insights into the parallels he sees between running an NFL team at a college level where players are now able to cash in on their athletic fame with endorsements and with the arrival of revenue sharing looming.
"If I was in a college program, the college program would be a pipeline to the NFL for the players that had the ability to play in the NFL," Belichick said. "It would be a professional program: training, nutrition, scheme, coaching, techniques that would transfer to the NFL.
"It would be an NFL program at a college level," he added.
There's also at least a small family tie to the UNC program for Belichick; his late father, Steve, was an assistant coach for the Tar Heels from 1953-55.
The NCAA transfer portal opened Monday, which leaves UNC's roster potentially in flux. Sources told ESPN that Belichick met with UNC officials in New York last week and dialogue has continued.
The UNC search has been scattered, according to sources, with uncertainty in the industry about who is running it. Board of Trustees chair John P. Preyer has been a key Belichick advocate throughout the process and has galvanized a group at the school behind Belichick's potential hire.
Some people with ties to Belichick are skeptical he'd take the job, as he has never worked in college football. Others say he has been sincere and thorough in his interest and has a desire to return to the sideline.
Some issues loom over any Belichick's courtship, including the potential role of his son Stephen Belichick, UNC's NIL resources, Belichick's salary and resources for the staff.
Belichick made clear as of Monday afternoon that he's still involved with the job. And there are plenty of ancillary signs on the landscape that support that.
Representatives from UNC's collective have hypothetically discussed players' potential interest if Belichick took the job. They stressed that nothing was done but have held discussions about the idea.
A source told ABC11 that it was Belichick's camp that first reached out to UNC to express interest in the position.
ABC11's Sean Coffey, Michael Perchick, Kate Rogerson, ESPN's Pete Thamel and Chris Low, and The Associated Press contributed.