Hafiz Mammadov is set to complete his €50 million takeover of Sheffield Wednesday.
Milan Mandaric, who took control of the Owls in 2010, has been looking to sell the club for a few months, but has been holding off until he could find a buyer who had the best interests of the club at heart and was willing to invest in the playing squad.
And now, French newspaper L'Equipe is reporting that Azerbaijani businessman Mammadov is set to complete his takeover and be announced as owner in the next few hours.
Mammadov, who founded and is current chairman of the Baghlan Group, owns Azerbaijan club side FC Baku, as well as France-based RC Lens, and has financial interests in Champions League finalists Atletico Madrid and Portuguese side FC Porto.
The Owls finished 16th in the Championship last season, after a poor start saw them win just one of their 16 games, and Mammadov has stated his ambition to return the club to the Premier League, and he is willing to invest heavily to achieve his aim.
The signings of young defenders Matt Young and Ed Sanders have already confirmed, as has Ryan Corasdale's arrival from Preston, as head coach Stuart Gray looks to rebuild next season. However, there is a belief that as part of Mammadov's takeover, club legend Chris Waddle may be in line to take the management role, a decision that could ruin his reputation at the club.
Waddle played for Wednesday for four years, after a three year spell with Olympique de Marseille in France. His ability to speak French, as well as his knowledge of the French top-flight, will be invaluable if he were to take a management role at the club with the potential influence from Lens.
Sheffield Wednesday become the third Championship club to be owned by the current owner of a foreign team, following the Pozzo families ownership of Watford, Udinese and Granada, and Roland Duchatelet's ownership of Charlton Atheltic and Standard de Liege.