Manager Glenn Hoddle revealed after training today (Friday) that the striker was set to put pen to paper on a two-year deal.
Glenn said: "We have been negotiating with Les' agent, there are just a couple of minor details left but Les will be re-signing and that is good news for the club.
"I want to try and work with Les and get him injury free. An injury free Les Ferdinand has still got a lot of offer the club.
"It's about a squad situation, no doubt about that these days and we're trying to build a stronger squad. Les is one of those players I certainly wanted to keep rather than let go.
"He has a wealth of of experience and some of the lack of football he's had through his injuries in the last couple of years probably will stand him in good stead in his latter years.
"He will be quite fresh because he hasn't been playing 30-35 games a season. There is still a lot of football left in Les and what we have to do is get him 100 per cent fit.
"Les has a lot to offer and if we can get him back to his best again, he is experienced enough and I'm sure he has a lot to offer. It's good news and hopefully he will be the first of many new signings."
Les added this afternoon: "I'm delighted it's all been sorted out and hopefully we can now win something in the next two years. I'm certainly excited and very optimistic about the future."
Listen to Glenn talking about Les by clicking here
Les Ferdinand has pledged his future to the club by signing a new deal.