The arrangement is subject to approval from the Football League, with the governing body due to discuss the matter on Thursday.
The Sky Blues are close to securing a patch of land in the Coventry area to build a new stadium of their own, according to the Coventry Telegraph.
However, Coventry will play their home matches at Northampton during the new campaign, starting with the August 10 visit of Bristol City.
The report claims that the groundshare arrangement could last at least three years as that is how long administrator Tim Fisher believes it will take to build a stadium.
Coventry are also said to have approached other Midlands clubs, including Walsall, about a potential groundshare.