Milan Mandaric has agreed a deal to take over Sheffield Wednesday, according to BBC Radio Sheffield.
The deal for the Owls is believed to be worth £8m and Mandaric is expected to resign as chairman at Leicester City.
Mandaric, 72, is believed to have agreed a £7m settlement with the club's main creditor, the Co-operative Bank, who were owed £23.5m.
The takeover now has to be ratified by Owls shareholders at an extraordinary general meeting.
