PSV's technical director Marcel Brands announced on the team's website late Thursday, Korean time, that Park will rejoin the team from the English side Queens Park Rangers (QPR).
"Park has passed a medical in Eindhoven and will train with his new PSV teammates for the first time on Thursday morning," the website reported. "The South Korean is waiting on a work permit to complete his move to PSV."
Separately, QPR also announced on its website that Park agreed to a deal to rejoin PSV on a season-long loan.
Park, 32, played for PSV from 2003 to 2005. He had previously played for Kyoto Purple Sanga in Japan's J. League, but after his breakout performance at the 2002 FIFA World Cup under head coach Guus Hiddink, the Dutchman took the South Korean star with him to the Netherlands upon being named PSV's new coach.
With PSV, he won the top Dutch league title in 2003 and 2005 and lifted the Dutch Super Cup in 2003, while also reaching the UEFA Champions League semifinals in 2005. The team's current head coach Phillip Cocu is a former teammate of Park's on PSV.
Park moved to Manchester United in 2005 to become the first South Korean in the English Premier League. During his tenure with the top English side, Park earned the nickname "Three-Lung Park" for his tireless work ethic and energy on the field.
Then after the 2011-12 season, Park signed with QPR. He began the new season as QPR's new captain, but things quickly turned sour as Park struggled with injuries and was later stripped of his captaincy.
QPR finished dead last among 20 Premier League clubs and was relegated to the second division for the upcoming season. Park's contract with QPR expires at the end of next June.
PSV finished second behind Ajax in the top Dutch circuit, called Eredivisie. The 2013-14 season kicked off last weekend, and PSV defeated ADO Den Haag 3-2 on the road. The team's first home game will be on Sunday against NEC.
In an interview with PSV TV, which aired on the team's website, Park said he was "really, really happy to be back."
"It feels like I came back home. I feel very comfortable," Park said in English. "The training ground is the same. The facilities are the same."
Asked if he remembered any Dutch words, Park smiled and uttered a few.
"I hope I can bring experience," he said. "I will try everything for the club and for the fans to show my ability."