According to a report, all efforts by the NFF to secure sponsorship to finance the deal have not been successful.
The Super Eagles of Nigeria have been without a permanent coach since Sunday Oliseh resigned in February, 2016.
NFF president, Amaju Pinnick on Wednesday, June 29 confirmed that they will be hiring a foreign coach for the Super Eagles.
According to several reports, the NFF have already held talks with Le Guen and the N16.2m per month deal has been agreed.
African Football is also reporting that the NFF have not been able to secure a sponsorship for the coach.
According to the report, all efforts by the NFF to secure sponsorship with a bank and an oil company to finance the deal, have not been successful.
The last Super Eagles coach, Sunday Oliseh was paid N5million monthly before he resigned in February, 2016.
Oliseh in the early hours of Friday, February 26 announced his resignation from the Super Eagles job citing contract violations, lack of Support and unpaid wages.
Before Oliseh, late Stephen Keshi was said to be on a N7m per month deal before he was sacked last year.