A group of Aston Villa-supporting businessmen are in pole position to purchase the club from Randy Lerner in a deal which could rise to £100m, according to Sky sources.
The consortium, which is based partly in the UK and partly in mainland Europe, is carrying out due diligence having been given access to the club's accounts.
Significant progress has already been made as American Lerner looks to sell the club he has owned for almost a decade.
Sky Sports News HQ understands there are as many as eight groups which have come forward to buy the now-relegated Premier League club.
The departure of Mervyn King and David Bernstein from the board has left the club in turmoil.
However, cost-cutting and the announcement of 500 job losses at Villa Park, has cleared the path for meaningful takeover talks.
Negotiations were continuing on Thursday with lawyers in Birmingham and London and are at a key stage, with sources indicating significant progress towards a deal could be made in the next 48 hours.