Businesswoman Amanda Staveley has agreed a deal to take over Newcastle United, according to The Sun.
The paper reports that Staveley met Newcastle's current owner, Mike Ashley, at an "affordable" London curry house last week to thrash out the deal.
The meeting ended with "hugs and smiles" according to The Sun, which has published photos purportedly showing Staveley and Ashley leaving the restaurant.
Staveley has long been linked with a takeover of Newcastle, which has been owned by Ashley since 2007.
The Sports Direct mogul has long faced criticism for fans for his perceived reluctance to spend money on players and poor managerial appointments.
Newcastle have been relegated twice under Ashley's ownership, having remained in the Premier League for fourteen consecutive years before his buy-out.
The Tynesiders did return to the top flight this summer under Rafa Benitez, but they are currently struggling for form and Benitez has complained of a lack of transfer funds.