The Light Blues boss said: "I'm hopeful there will be a deal done very, very soon.
"The best way to put it is that Francisco hasn't signed yet but we are very keen to get him.
"The agent and our representatives have been in discussions over the weekend and I'd be hopeful he'd be signing soon."
Brazilian trialist Emilson Cribari could also be set for a move after arriving in Glasgow on Saturday night.
McCoist added: "We had him in for a couple of days, he's been training.
"He's having a look around the place to see if he likes it.
"We would be very hopeful to get a deal done there too."