The 53-year-old, who is approaching the end of his current deal, led the team to a 10th-place finish in the table last season following their promotion from Serie B.
"I haven't signed my contract extension yet but by Wednesday we will make official my renewal," Mandorlini told Gazzetta dello Sport.
"I believe a lot in this project. I turned down an important offer to coach in China because my priority has been to remain here."
Mandorlini joined Verona in 2010 after a brief spell with Romanian side CFR Cluj.