Crystal Palace are set to be sold for £100 million.
The Sunday Telegraph says Josh Harris and partner David Blitzer are close to taking full control and could be officially unveiled early next week, following months of discussions with the Premier League club.
Harris also owns NBA franchise Philadelphia 76ers and NHL side New Jersey Devils.
The deal could be complete in the next 48 hours.
Steve Parish, the Palace co-chairman, is expected to stay on for an "indefinite period" and concentrate on the day-to-day running of the club.