Milan Mandaric has reportedly agreed to sell Sheffield Wednesday to Azerbaijani businessman Hafiz Mammadov.
The two parties are said to have been negotiating a deal for months and now have settled on a price around the €50m (£41.6m) mark, according to French publication L'Equipe.
Mammadov already owns French side Lens, who were recently promoted to Ligue 1 by finishing second in Ligue 2.
Former Portsmouth and Leicester owner Mandaric took over at Hillsborough in December 2010.
The Owls came 16th in the table last season.
