Burnley are on the verge of being taken over in a deal worth around £200m by Egyptian businessman Mohamed El Kashashy.
The takeover is being led by El Kashashy, who is based in Dubai and made his name in the Food and Leisure industry, and also involves sports lawyer Chris Farnell.
It is understood that discussions over the deal have been going on for the past 12 months but that contracts have now been signed and exchanged while proof of funds has also been established.
All parties are now waiting for the Premier League to rubber-stamp the deal.
It is believed El Kashashy has been attracted by one of the Premier League's best-run clubs and is prepared to back manager Sean Dyche with major investment to improve his squad.
On Wednesday, Farnell had his disqualifying condition lifted by an independent Arbitration Panel that had prevented him becoming a director of a football club since August, when he failed the EFL's Owners and Directors' Test during an attempted takeover of Charlton Athletic.
The panel deemed that a five-week suspension was an appropriate punishment.
However, Farnell is still being investigated by the Solicitors Regulation Authority about his actions during his time involved with Charlton earlier in the year.