Crystal Palace part-owner John Textor has signed an agreement to sell his stake in the club to New York Jets owner Woody Johnson, sources close to the deal have confirmed.
The deal, believed to be worth close to £190m, is subject to Premier League approval.
It remains to be seen whether the deal boosts Palace's fight to be cleared to play in European football next season.
BBC Sport reported on Thursday that a deal was close between Textor and Johnson for the latter to purchase the 43% stake in Palace belonging to Eagle Football Holdings – the multi-club company owned by Textor.