The transfer window closes on Thursday night and sources in Norway claim Brann are ready to make their move.
Talks over a possible return to his native country broke down this time last year when Bakke opted to move on loan to Aston Villa.
Brann, who are currently leading their table in Norway after 18 games, have ex-Rangers midfielder Charlie Miller and former Aberdeen striker Robbie Winters among their squad.
Bakke, who has less than a year remaining on his current deal, trained yesterday with Sogndal, the Norwegian Second Division club from whom he joined Leeds in 1999 for £1.75m, after returning to Norway last week due to the squad being given a few days off.