Abu Dhabi daily The National reports that the ex-Real Madrid director of football watched the team, currently coached by Frenchman Dominique Bathenay, in training in Dubai on Wednesday.
According to the newspaper, Sacchi, 62, has already discussed financial terms with the UAE FA and a decision could be made over the next few days.
If he takes the job, Sacchi is likely to inherit a team with little chance of appearing at the 2010 World Cup.
After three matches in the final round of qualification, the team have yet to collect a single point and travel to Tehran on Wednesday to face Iran.
Their last match was a 4-1 defeat in Seoul in October. Sacchi was also on South Korea's shortlist in 2007 when the East Asian nation was looking for a head coach.
Current boss Batheney took the job in September after the resignation of Bruno Metsu and the former assistant is seen as a short-term appointment.
With chances of a place at the 2010 World Cup looking slim, football bosses in Dubai are keen to successfully defend their Gulf Cup title in January and start qualification for the 2011 Asian Cup in the same month.
UAE have a penchant for big-name coaches with the likes of Don Revie, Carlos Alberro Parreira, Mario Zagallo, Carlos Queiroz, Valeriy Lobanovskyi, Roy Hodgson and Dick Advocaat all occupying the hotseat over the years.
Despite such a list, UAE have just one World Cup appearance to their name - at Italia '90.