The post at Elland Road has been vacant since the end of last month when the club parted company with Brian McDermott following a disappointing end to the Championship season.
New owner Massimo Cellino has now reportedly turned his attention to acquiring the services of Hockaday, who has been out of work since leaving his post at Forest Green Rovers in October.
Cellino is understood to have met with Hockaday recently, and the Yorkshire Post claims that the 56-year-old will be offered the manager's job tomorrow.
Hockaday is expected to be joined at Elland Road by non-league coach Junior Lewis, whom he is thought to be keen on adding to his coaching staff.
Cellino is eager to employ a new man at the helm as soon as possible, with the club due to report back for pre-season training next week.