Geoff Brown has agreed to sell St Johnstone.
The long-term owner of the McDiarmid Park side is set to sell the Premiership club to American lawyer Adam Webb.
Webb - who is already involved in football as a minority shareholder at League One club Cambridge United - could see his potential takeover go through before the season is up.
Any deal will require the approval of both the Scottish FA and English Football League.
Webb attended some St Johnstone games in February this year. At the time, it's believed Saints alerted the SFA of the potential foreign investment.
Brown bought St Johnstone in 1986. He announced a little under 18 months ago that it was his intention to sell his majority shareholding. It was at this time that his son, Steve, stepped down as chairman of the club.
St Johnstone are currently facing a fight to stay in Scotland's top flight.
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They sit tenth in the division, just a point clear of Ross County who occupy the relegation play-off spot with four matches of the campaign remaining.
Double cup-winning hero Callum Davidson kept the club up via the play-offs two years ago. And with this investment on the line, everyone associated with Saints will be hoping their top-flight status is preserved for another year.
Craig Levein's side face Aberdeen at Pittodrie this weekend, before Livingston away, Ross County at home and Motherwell away.
Should the takeover go through, Webb will become the fourth American owner of a Scottish club.
Both Dundee teams are owned by Americans, with Tim Keyes and Mark Ogren at the helm of Dundee and Dundee United respectively.
Hibernian are of course owned by the Gordon family, while another American, Bill Foley, owns 25 percent of the club after his £6m investment earlier this year.
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