Keshi took over as coach in 2011 and his first contract ended after the World Cup in Brazil. He has since been linked with the vacant South Africa post.
The 52-year-old led Nigeria to the round of 16 in Brazil after guiding the Super Eagles to a third Africa Cup of Nations title in South Africa last year.
“The executive committee mandated the technical sub-committee to open channels of communication with Mr. Stephen Keshi with a view to extending his contract, as the NFF is still interested in working with him,” a statement issued by the NFF on Thursday read.
“The technical sub-committee is to report back to the executive committee within a week.”
It is now expected Keshi will be given a new deal with his immediate assignment being the 2015 Africa Cup of Nations qualifiers, which begin in September.
Defending champions Nigeria are in a qualifying group with South Africa, Sudan and either Congo or Rwanda with the top two teams advancing to January’s Nations Cup in Morocco.
Meanwhile, the NFF said they plan a warm-up match for the qualifiers on August 13.