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The star batsman was cast into international exile in August after sending text messages to touring South Africa players that contained criticism of then England captain Andrew Strauss during the Test series.
He missed out on England's failed World Twenty20 title defence in Sri Lanka and the upcoming England tour of India, as well as a central contract for the new season.
But Flower said he was optimistic that an agreement had finally been reached.
"The situation is ongoing. I think it's nearing an end now - hopefully in a positive way," he told British media.
"There's been a lot of formal communication between the ECB (England and Wales Cricket Board) and Kevin, and there will be a press conference I would imagine in the next 36 hours which will enlighten you a little further."
Monday's defeat to the hosts Sri Lanka in the Super Eights saw England crash out of the World Twenty20.
Asked
whether Pietersen had been missed, Flower said: "Of course, but he
wasn't available for this tournament when we selected the side."
