The Premier League's basement club have been looking for a new permanent boss following Ian Holloway's departure on October 23.
And, while reported candidates Aitor Karanka and Rene Meulensteen have since taken up jobs with Middlesbrough and Fulham respectively, Palace's co-chairman Steve Parish revealed earlier in the week that they are close to making an appointment.
Several names have been mentioned, but 45-year-old former Chelsea, Sheffield Wednesday, Bradford and Southampton defender, Petrescu, who won 95 caps for Romania, is the firm favourite.
News broke on Friday evening that he was all set to be confirmed as the new man at the Selhurst Park helm, but the Eagles have remained silent.
Petrescu has enjoyed success in his ten-year managerial career to date as he guided Unirea Urziceni into the UEFA Champions League after winning the Romanian Liga 1 title in 2009. He also helped Kuban Krasnodar into the Russian Premier League before moving on to Dynamo Moscow, with whom he signed a three-year contract in 2012.