Sandaza is a free agent after leaving St Johnstone at the end of last season.
The 27-year-old rejected a move to Ibrox last season but will join the Glasgow Giants in the lower reaches of Scottish football.
Rangers manager Ally McCoist said: "I'm hopeful there will be a deal done very, very soon. The best way to put it is that Francisco hasn't signed yet but we are very keen to get him.
"The agent and our representatives have been in discussions over the weekend and I'd be hopeful he'd be signing soon."
McCoist continues to try to bring in new recruits ahead of a 12-month transfer embargo coming into effect in September, with former Hearts strikers Kevin Kyle and Craig Beattie also close to agreeing contracts.