The divisive Italian looks set to hand over the reins at Ellan Road.
Opposition to the Italian’s control over the club has been clear for several months and some fans made their feelings known with vocal protests during the Whites defeat to Blackburn Rovers yesterday.
Leeds Fan Utd is, unsurprisingly, funded by Leeds United supporters and shares were available for purchase this summer for as little as £100.
Questions have been raised as to the financial clout the group will be able to provide compared to the deep pockets of Cellino, but an end to the instability that his plagued his reign will be welcome nonetheless.
The Italian purchased a majority share of the club early last year and has since overseen the comings and goings of six managers - as well as plenty of legal trouble - with little in the way of success on the pitch.
Twitter was predictably awash with reaction to the news and we’ve provided a selection below:
treating the club like a toy and the fans like customers you just back yourself into a corner that eventually you can't get out of #Cellino— Ryan Kinnear (@TikiTakaDee) October 30, 2015
Best news ever Cellino may go and the fans will own what is already ours!! #lufc— Todd James (@jamer125) October 30, 2015
Tbh that's a bad move from Cellino. I wanted a fan involved with the club but not complete fan ownership. Not enough money— Sam Bird (@Sam_LUFC_Bird) October 30, 2015
If Cellino sells the club to the fans I think I'd just about be able to forgive him for everything. Depending on how it pans out. #lufc— Tommy D (@tdski_LUFC) October 30, 2015
My cynical side thinks this might be a cunning plan by Cellino. The ol' "put up or shut up" routine #LUFC— Stevie B (@Buzzard_Stubble) October 30, 2015
And as I said for months and again last night Cellino finds a buyer great, I was here before he came and I'll be here after. #lufc— Wayne (@5O887) October 30, 2015
I believe Cellino had a genuine desire for Leeds to succeed. Respect to him for realising it wasn't working and stepping aside.— Jack Carroll (@fatjacko) October 30, 2015