Former Watford owner Laurence Bassini says he has agreed a deal to buy Bolton Wanderers subject to approval from the English Football League.
He has told BBC Radio Manchester that the takeover has been agreed with current owner Ken Anderson.
In 2013, Bassini was given a three-year ban from being involved in a position of authority with any EFL club.
Wanderers, whose players have still not been paid their March wages, could be relegated to League One on Friday.
Bassini took over at Vicarage Road in 2011, but his time with the Hornets was short-lived, as he sold to the Pozzo family a year later.
His proposed takeover comes as full-time playing and non-playing staff have still not been paid their wages for March, almost three weeks after they were due.
It is the second month in a row that wages have been paid late, while the playing staff applied to the Professional Footballers’ Association for help.
The club have had a torrid season on and off the pitch and narrowly avoided administration in September before former owner Eddie Davies loaned the club £5m days before his death.
Bolton have twice appeared in the High Court over an unpaid tax bill, with the club being given an adjournment until 8 May in their latest appearance.
More to follow.