The Al-Hasawi family are in exclusive negotiations with Nottingham Forest.
The Sun says the Championship club have been actively searching for new ownership since early last season.
Previous owner Nigel Doughty had already stepped down as chairman when sadly died in February - with his estate only covering running costs at the City Ground up to the end of the next season.
But now a new regime looks set to be installed, with Fawaz, Abdulaziz and Omar Al-Hasawi launching a bid.
A statement from the Al-Hasawi family read: "The future on-field and off-field success of Nottingham Forest is at the heart of our plans which we will of course announce in due course."