The 24-year old, who is available on a free after departing Maccabi Haifa, will fly into Glasgow in the next 24 hours to complete a deal prior to the weekend.
"It's close. We met and spoke with his representatives today. The new owner was present and we're now ready to take it further," McCoist told SunSport last night.
"We're looking to have something done by the end of the week."
Hemed was in fine form with Maccabi Haifa last season, scoring 17 goals as they won the Israeli title, and subsequently attracted interest from clubs in Belgium, Italy and Spain but it seems as though he will end up in Scotland with Rangers.