The Liverpool Daily Post says Dubai International Capital was on Friday night set to join forces with Liverpool FC co-owner George Gillett in a bid to buy out his partner Hicks.
Events could move forward within a matter of days, with figures close to the club anxious to see a rapid conclusion to what is seen as a damaging distraction at a crucial time in the season.
Relations between Gillett and Hicks are at an all time low, with Gillett remaining silent, but understood to be privately furious with his partner's unsanctioned public statements over club affairs.
One source close to the negotiations told the Daily Post: "Discussions are still ongoing with DIC. They would be happy to take Hicks out and work with Gillett, or they would be happy to take both of them out.
"But DIC doesn't want to pay Hicks a huge premium. The key is to get a deal done within days rather than weeks.
"All this has been a huge distraction at the club. Hicks insists on valuing the club at £1bn because he includes the valuation after the stadium is in place, yet it is not even built and doesn't even have planning permission for the 70,000 seats."