Amanda Staveley's PCP Capital Partners are reportedly close to sealing a £300m takeover of Newcastle United.
Staveley's offer of around £250million was knocked back, but an improved offer has been tabled.
Mike Ashley placed the club up for sale earlier this season, and is keen to end his 10 year stint on Tyneside.
Back then it was reported he wanted to recoup around £400m for the club he paid £134m for in 2008.
But after considerable negotiations, which included a face-to-face meeting between Ashley and Staveley last week at a London curry house, the pair come to an agreement, according to reports.
The Daily Mail are reporting that Ashley has agreed to fund Rafa Benitez's spending in the January transfer window, then Staveley & Co would reimburse the Sports Direct Tycoon when the deal is completed, which is most likely to be by the end of January.
It is also being reported that Benitez could get £30million to spend next month as part of the deal.