Portsmouth chief executive Peter Storrie has joined forces with prospective buyer Sulaiman Al Fahim to push through a deal for the club, according to reports.
The takeover saga has dogged the Premier League club all summer with a string of players moving on for big transfer fees.
Peter Crouch was sold to Tottenham for around £9m and Glen Johnson went to Liverpool for £17m but only free transfers and loan deals have come in.
Now a consortium led by Storrie is to beef up Al Fahim's bid after his move to own the club stalled, allegedly through a lack of funds.
Both men are expected to watch Pompey take on Birmingham at St Andrews on Wednesday night.
Former Arsenal board member David Dein is rumoured to be part of the deal, which would see current owner Sacha Gaydamak leave the club completely.
A statement on the club's website read: "A new consortium led by chief executive officer Peter Storrie is in negotiations with the owner of Portsmouth FC to buy the Premier League club.
"The group is very positive about the talks and are confident that the deal can be completed. Sulaiman Al Fahim may partner the new consortium through Al Fahim Asia Associates.
"The necessary Premier League regulations and requirements regarding beneficial ownership will be complied with. No further comment will be made by the club until any purchase is complete."