The 24 year old is currently on loan at Atletico Mineiro but would be available for around £1million should Gordon Strachan decide to pursue his interest in the player.
"I do feel that the squad needs some help, especially at the back. We are trying bring in players that are definitely going to make us better."
Corinthians Chairman Andres Sanchez confirmed the move saying a deal could be in place by the weekend:
"The deal is nearly completed and it will be done in the next 24 to 48 hours. Things are progressing and Coelho can be a Celtic player."
With current right backs Mark Wilson and Jean-Perrier Doumbe suffering from long term injuries and Sevilla target Andreas Hinkel appearing to opt out of a move to Celtic Park, Strachan is keen to tie up a deal for Coelho.