look set to

[anhnha]

Israel's current ruling coalition, which includes the centrist Independence party headed by Defence Minister Ehud Barak, holds 66 seats, but a poll published earlier this month in Haaretz newspaper showed that even without Barak's faction, Netanyahu and his allies looked set to increase their number of seats to 68.

Does "look set" here mean "likely to do something"?
I think the verb "look" is a linking verb and "set" is an adjective. Is this right?

 

[emsr2d2]

He looks = He appears to be
Set = ready OR likely

He looks set to win the election = It appears that he is likely to win.