Lawyer Masoud Shafii said the pair when released, would be handed over to the Swiss embassy in Tehran, which represents US interests in Iran.
Iran's judiciary set bail at five billion rials ($400,000), reports said.
"I have got necessary signatures from judiciary officials for their release on bail. Hopefully the two will be freed today," Mr Shafii told Reuters. State media quoted him as saying the handover would take place at 1500 local time (1030 GMT).
Bauer and Fattal have always maintained they strayed into Iran accidentally while walking in the poorly-marked border region. A third American, Sarah Shourd - who was arrested with them - was freed on bail last year on humanitarian grounds and returned home.
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