The former Stevenage Borough chief will take over the reins at the stricken Northamptonshire club, having agreed to also finance a deal that will see him seize part control of the club.
Westley, who had also been widely rumoured to have been preparing a takeover at fellow Conference side Crawley Town, has been out of work since departing Borough at the end of last season.
Rushden, meanwhile, parted company with Paul Hart in October following an eight-match winless run, and have since slipped into the relegation places despite a recent 1-0 victory over title favourites Oxford United.
Former Crawley manager John Hollins was heavily touted for the post, but it is believed Westley's financial input tipped the balance in his favour, and he will be officially presented as the club's new manager at 3pm on Monday.
With thanks to www.skysports.com
Source: http://home.skysports.com/list.aspx?hlid=436168&CPID=89&clid=&lid=654&title=Westley+lands+Rushden+role