The Israeli club has been in negotiations with the experienced coach for the past few days, and a deal has now reportedly been finalized, according to journalist Giannis Psarakis.
Hapoel competed in the EuroCup last season and was recently mentioned as a potential candidate for a EuroLeague special invitation.
It remains to be seen whether the Jerusalem-based club will compete in Europe's premier basketball competition next year, which would mark Obradović's return to the EuroLeague elite.
Obradović recently concluded his tenure with Crvena Zvezda following their elimination in the EuroLeague play-in tournament and the ABA League semifinals. For the second consecutive season, the Belgrade club failed to reach the EuroLeague quarterfinals, and their regional championship run was halted by Partizan. Throughout his coaching career, Obradović has led numerous European clubs, including Monaco, Alba Berlin, Lokomotiv Kuban, Donetsk, Turov, Kyiv, and Cologne.
BONUS VIDEO: Knicks Aim to Maintain Focus While Awaiting Western Conference Winner