The takeover is being led by El Kashashy, who is based in Dubai and made his name in the Food and Leisure industry.
The deal involves sports lawyer Chris Farnell.
According to reports, discussions over the deal have been going on for the past 12 months.
Reports claim 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.