The terms of reference for the investigation have been drawn up and sent to University Council members for their approval.
In a statement, the university said once the terms are approved, the risk and audit committee will invite several independent investigators to register their interest.
The Fiji Independent Commission Against Corruption is conducting a separate investigation into the allegations, which were first reported by Islands Business last month.
The allegations concern allegedly speedy appointments and contract renewals for at least eleven senior university staff.
Since the allegations were first aired, USP's second largest funder, New Zealand, has said it is seeking explanations.