The 60-year-old coach will visit the club's infrastructure during his visit to Tehran.
Esteghlal has also negotiated with Iranian coaches Javad Nekounam and Mohammad Rabiei.
Portuguese coach Ricardo Sa Pinto left Esteghlal last week to take charge of Cypriot team APOEL.
Juan Ramon Lopez Caro managed Real Madrid (2005-06) and Levante (2006-07) in La Liga, as well as Celta and Real Madrid Castilla in the Segunda División.
After a spell in charge of Spain under-21, he moved abroad, managing the national sides of Saudi Arabia and Oman.