Nabbout, 26, began his professional career at Victory, and Goal report that's the club he will be signing for imminently.
The attacker would be returning to Australia from a 16 month stint in Japan's J.League with Urawa Red Diamonds, where injuries and poor form saw him struggle to mark his mark.
He would join fellow Socceroo Robbie Kruse in rejoining the Melbourne club, with Victory securing the 30-year-old's return last week.
The two Aussie attackers look likely to fill the voids left by Kosta Barbarouses and Keisuke Honda in Victory's attack alongside Ola Toivonen, as new coach Marco Kurz's side starts to take shape.
It's been a flurry of recent transfer activity for Victory, as fringe Socceroo Terry Antonis officially joined Korean club Suwon Bluewings yesterday.
Nabbout spent two seasons with Victory at the start of his A-League career, left for a stint in Malaysia, then returned to Australia with Newcastle Jets where his superb form over two seasons saw him called up to the national team and earned his move to Japan.
He was the starting striker for the Socceroos at last year's FIFA World Cup in Russia for the first two matches before a shoulder injury ended his tournament.