The Northern Irishman, who turns 39 on Thursday, has operated on a one-year rolling contract since moving to the Liberty Stadium in the summer of 2010.
He guided the Welsh club to the top flight and has overseen an impressive start to life in the Premier League with the club lying 13th in table, leading chairman Huw Jenkins to look to tie the former Reading and Watford manager to a longer-term contract, and Rodgers revealed the deal to keep him in south Wales until 2015 is as good as done.
He said: "I spoke with the chairman today [Thursday] and we have agreed everything in principle, we just need to draft up the paperwork and be presented with it over the weekend, then it will be signed and done and that will be fantastic.
"It was clear to me I wanted to be here. There was very little to discuss and I will be proud to move forward with the project.
"Ultimately my job is to make Swansea a sustainable Premier League club, that's the challenge.
"It looked a massive challenge to get promoted, but since then we have shown we can compete at this level, although we are riding high and playing well the objective is to stay in the league, that would be monumental and give the club more money to invest in the team.
"But the goal is firstly to make Swansea sustainable and you can obviously build from that."
Rodgers and Swansea's next Premier League fixture sees Chelsea visit the Liberty Stadium on Tuesday, but before then they travel to face Bolton in the fourth round of the FA Cup.
Rodgers will include Alan Tate in his squad for the first time since the defender broke his leg in a golf buggy accident in August.
The 29-year-old has made three appearances for the reserves after completing his recovery a month ahead of schedule.
And Rodgers said: "He is working very well, he has been out for a long time, but he is a wonderful pro and I have no doubt he will come into the squad this weekend.
"He was outstanding last season and was just unfortunate that he had the freak accident.
"It was a long road back for him and to be out that long was tough, but he dealt with it well and it's a credit to him and the medical team that he is back in contention earlier than expected."
On-loan Chelsea midfielder Josh McEachran is set to make his first start as he will not be available to face his parent club on Tuesday.
But Swansea will be without on-loan centre-half Steven Caulker after Tottenham asked that the defender be left out of the trip to the Trotters in order to avoid being cup-tied.
Tottenham have until the end of January to recall the 19-year-old, and have requested that Swansea err on the side of caution in the unlikely event that they should need to take him back to White Hart Lane early.
Rodgers said: "If we get through and he is still here then he will be able to play for us in the FA Cup.
"We have to respect he is a Tottenham player, as much as we may not agree and want him to play, he is their player.
"I have spoken to (Tottenham assistant manager) Kevin Bond and (coach) Tim Sherwood at length.
"They know we don't want to lose him but you have to look after your own club, and though they have centre-halves available you never know.
"Just like in our situation here, we have players that want to go out and play games, but I have to look after Swansea and Harry (Redknapp) and his staff have to look after Tottenham."