Maradona, who is widely acknowledged to be one of the finest players the game has ever seen, spent the weekend negotiating with club officials in the United Arab Emirates.
The 50-year-old, who led his native Argentina to the quarterfinals of the 2010 World Cup where they were beaten 4-0 by Germany, has signed a two-year contract and will be unveiled in June.
Maradona represented his country 91 times as a player, scoring 34 goals, and led Argentina to a World Cup triumph in 1986.
His playing career lasted 21 years and he played in Spain for Barcelona, and for Napoli, in the Italian League.
The club's vice-chairman Marwane Ben Bayatt, who conducted discussions with Maradona, added: ''Al Wasl Sports Club has become synonymous with achievements of this caliber, and we are very pleased to be welcoming Maradona to a long line of accolades in the club's history.
''This partnership embodies the vision of the club as it embraces forward thinking developments in the region to establish unprecedented standards for the sport.''
Maradona was fired after Argentina's crushing defeat to Germany and has been linked with a number of jobs in England and Iran since.
Al Wasl currently sit fourth in UAE's domestic league and have been managerless since Brazilian Sergio Farias was fired in March. They were crowned Gulf Champions last year.
Sources: cnn.com
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