Yakuza, 34, has been without a club since leaving Turkish side Kayserispor last year, but it was confirmed earlier this week that the experienced striker was on trial at Coventry.
Slade has insisted that he will give the Nigerian every chance to make an impact at the Sky Blues, who are currently rock-bottom of the League One table, eight points from safety.
"He's been away in Turkey but he's back in England now and wants to get playing as quick as he can," Slade told Sky Sports News. "He comes with a lot of pedigree but there is that void of not playing too many games recently.
"We know he's got quality though, he showed that throughout his career and he's scored goals. He's scored wherever he's been in his career and that's the important thing."
Yakubu has previously represented Portsmouth, Middlesbrough, Everton, Leicester City, Blackburn Rovers and Reading during his time in English football.