The Finn will break Rubens Barrichello’s record of 322 starts in the Eifel Grand Prix this weekend, and sources have said he has chosen to stay with Alfa Romeo for 2021.
Confirmation of his intention to stay with the Swiss-based squad could arrive as early as Friday.
Raikkonen joined Alfa Romeo in early 2019, after his former Ferrari team opted to replace him with Charles Leclerc.
While Alfa Romeo did not deliver the good results Raikkonen hoped for, the 2007 world champion nevertheless showed that he was quite quick and motivated.
Last year his best result was fourth in the chaotic Brazilian Grand Prix as he helped Alfa Romeo to eighth in the Manufacturers’ Championship.
This season has been more difficult, with Alfa Romeo hit by the decline in Ferrari engine performance.
Raikkonen’s best result so far was ninth in the Tuscan GP at Mugello last month.
While Raikkonen is set to stay on, it is understood that Alfa Romeo has yet to make a final decision on his team-mate, with Antonio Giovinazzi and Mick Schumacher in contention.
As part of its partnership with Ferrari, the Maranello-based team has the right to place one of its young drivers in an Alfa Romeo cockpit.
It assesses whether to stick to Giovinazzi or promote Schumacher from Formula 2.
Schumacher is making his first race in an F1 practice session with Alfa Romeo in Germany this weekend.
If Ferrari gives Giovinazzi a break, another option could be for Schumacher to end up in Haas, which also has close ties to Ferrari.
The US team is planning a whole new driver training course for next year and has been linked with one of the Ferrari junior drivers.
He gives Briton Callum Ilott a free practice race at the Nurburgring, and Robert Schwartzman will race with Haas or Alfa Romeo in Abu Dhabi as an evaluation as well.