Diess "is expected to assume the role" subject to a vote at an annual general meeting in February, taking over from Wolfgang Eder, Infineon said in a statement.
Eder, in post since 2019, said Diess was "the ideal candidate to become my successor", touting his "excellent knowledge of the company and of the industry landscape".
Infineon in November unveiled plans for a €5 billion ($5.2 billion) new factory in the eastern German city of Dresden, as Europe races to reduce its reliance on semiconductors made in Asia.
A global shortage of semiconductors, spurred by a pandemic-era boost in demand for consumer electronics, has snarled international supply chains and forced manufacturers to trim production in a range of industries.
German carmakers have been among those hit hard, as semiconductors are a crucial component in both conventional and electric vehicles.
Diess stood down as CEO of Volkswagen in September, handing the wheel to former Porsche CEO Oliver Blume after four turbulent years in charge.
Under Diess, VW became the first legacy carmaker to try to follow US upstart Tesla by seeking to develop a centralised electronic architecture for its vehicles.
But the drive proved controversial, with critics charging that Diess had moved too fast, while underestimating how complicated it was to shift in-house an operation that was not among the carmaker's core expertises.
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