Cocu, a dynamic player who controlled both midfield and defense and was, like Park, with PSV during their heyday under the direction of manager Guus Hiddink in the mid-2000s, was promoted to manager in the off-season. The 43-year-old Dutchman also scored 10 goals in 101 games for his country.

Park Ji-sung will soon leave Queens Park Rangers and the English Championship to rejoin PSV Eindhoven in the Netherlands, which is coached by his old teammate Phillip Cocu.

"Park has gained a lot of experience playing for Manchester United for a long time," Cocu said in an interview with the Dutch daily Algemeen Dagblad. "He knows PSV well. Our players will surely learn something from him."

After passing a medical test on Sunday, Park returned to London instead of joining his new club. This raised speculation that the two sides still differed over some terms of the contract.

According to another Dutch paper, Eindhovens Dagblad, on Tuesday, PSV decided back in 2011 that they would not pay players salaries in excess of 1 million e uros a year. As Park was reported to receive 80,000 euros a week from QPR last season, this would see his salary cut by a whopping 80 percent.

"The announcement of his transfer has been delayed due to some paperwork, but an agreement has been made," Park's father Park Sung-jong told Korean media. "He will join PSV on loan with a one-year contract."