Former Newcastle chairman Freddy Shepherd is heading a consortium that is set to launch a £60m takeover bid for the Magpies, BBC Sport understands.
Alan Shearer has been lined up to carry on as manager at the club, who were relegated to the Championship in May.
Owner Mike Ashley was asking for £100m but BBC Sport understands Shepherd's offer is likely to be accepted.
Shepherd sold his Newcastle shares to current owner Mike Ashley two years ago as part of a £134m deal for the club.
Ashley's total investment in the club is estimated at £244m, which includes paying off debts and buying new players.
When Ashley first put the club up for sale last September, he hoped to get around £300m.
Shepherd became chairman in 1997 when Sir John Hall and his son Douglas were the major shareholders and negotiated the £15m signing of Shearer.
Always a controversial figure, Shepherd was forced out of the club when Ashley bought his controlling interest.
Several other groups, including investors from Singapore, Oman and South Africa, have also shown interest in buying the club.
The man in charge of the sale, Keith Harris, the chairman of brokers Seymour Pierce, has said he expected a deal to be concluded by the end of this month.
