AS Roma owner Dan Friedkin has agreed a deal with Everton majority shareholder Farhad Moshiri to buy the club.
Sky Sports News reported last week that Friedkin had made an offer to Moshiri and that offer has now been accepted.
Moshiri was tied into a period of exclusivity with troubled US investment group 777 Partners until May 31 and could not enter into alternative discussions.
But Moshiri is now expected to grant exclusivity to Friedkin in the next 48 hours.
Friedkin, who bought Serie A giants Roma in 2020, has an estimated worth of $6.1bn (£4.8bn).
What happened to agreement with 777 Partners?
In September, the Miami-based investment fund said it had signed an agreement with British-Iranian billionaire Moshiri to acquire his 94.1 per cent stake in the club.
The deal, initially expected to be closed by the end of 2023, was delayed as 777 Partners reportedly struggled to meet the necessary conditions outlined by the Premier League to complete their purchase.
But Everton said in a statement back in May: “The agreement between 777 Partners and Blue Heaven Holdings Limited for the sale and purchase of the majority shareholding in the club has expired.
“The club’s board of directors recognises the considerable level of financial support 777 Partners has provided the club over recent months and would like to take this opportunity to thank them for this.”
Moshiri, a former Arsenal shareholder, first bought a 49.9 per cent stake in Everton in 2016. By January 2022, he had increased his stake to 94.1 per cent with a £100m capital injection.
But despite investing nearly £650m in transfers to build the squad since Moshiri’s arrival, Everton have slipped out of the top half of the table to fight relegation battles in recent seasons.
The club finished 15th in the Premier League after being hit with two separate points deductions for breaching profit and sustainability rules.
The 2024 summer transfer window in England and Scotland is officially open.
The window will close on August 30 at 11pm UK time.
The Premier League has brought forward Deadline Day to link up with the other major leagues in Europe. The closing dates were set following discussions with the leagues in England, Germany, Italy, Spain and France.