Peter Ridsdale is standing down as Cardiff City chairman.
The Sun says a consortium led by Malaysian businessman Dato Chan Tien Ghee has agreed to buy 49 per cent of the club for £6million.
But part of the deal means Ridsdale must stand down - just as Cardiff could break into the Premier League.
Dave Jones' team are already guaranteed a Championship play-off slot, despite a season-long battle against crippling debts.
But, faced with a winding-up order over a £1.7m tax bill, Ridsdale turned to the Malaysians to help safeguard the club's future.
They are expected to complete their buy-out today - and plan to install their own team to run the club.
A highly-placed Malaysian source said: "Peter can leave Cardiff with his head held high. Under his leadership debts have been greatly reduced, there is a new stadium and Cardiff are on the brink of Premier League football.
"He brought Mr Ghee to the table and, because of that, Cardiff will be able to meet their short-term debt problems.
"But it is not unreasonable that when new people come in they want to run the business with their own people."