Thai investor Sumrit Bunditkrisada is close to agreeing a takeover of Reading, reports BBC South Today.
The Royals have been trying to find a buyer since last October and majority shareholder Anton Zingarevich stood down from the board earlier this month.
Reading's advisors, Begbies Traynor and Vibrac, have agreed an exclusivity arrangement and it is believed a deal could be concluded within seven days.
Any investor must pass the Football League's owners and directors' test.
After buying a 51% stake in the Championship club in May 2012, Zingarevich had been due to purchase the remaining 49% of shares from chairman Sir John Madejski in September 2013, but he failed to complete the deal.
Zingarevich did not attend a single game last season, with Madejski resuming day-to-day control in February.
Madejski, who it recently emerged has lost around £300m of his near £400m fortune, has been chairman since 1990 and has said he is determined to find the right person to take over.
Israeli entrepreneur Teddy Sagi, who made his fortune in gaming software, and Indian businessman Mohit Burman, who is part-owner of Indian Premier League cricket franchise Kings XI Punjab, have both been linked with the Championship club.
American investors have also shown an interest, including billionaire Joshua Harris.