The agent of the former AC Milan striker, Fabiano Farah, confirmed the deal on Tuesday.
The 32-year-old has been linked with Manchester City and even a return to AC Milan.
“We’ve reached a verbal agreement for Ronaldo to play there (Corinthians),” said Farah.
A statement on the club’s official website added: “The Board of Sport Club Corinthians Paulista are negotiating the signing of forward Ronaldo Nazario, ‘O Fenomeno’ (as he is nicknamed).
“All the details are being sorted out by the president Andres Sanchez, the director of football Mario Gobbi Filho and the director of marketing Luis Paulo Rosenberg.
“In the upcoming hours, the parties should finish the negotiation and set a date to unveil the player.”
