As reported by Bloomberg, Friedkin and Everton owner Farhad Moshiri are in advanced stages to strike a deal, which would bring an end to a period of uncertainty surrounding the club's finances and ownership.
Chairman Dan Friedkin, who also owns Serie A side Roma, had agreed a deal in principle to purchase current owner Moshiri's 94% stake in June after an attempted sale to Miami-based 777 Partners LLC fell through earlier this year.
In recent weeks American billionaire John Textor has spoken openly of his desire to purchase the Blues after talks with Moshiri but the club distanced themselves with the deal and released a statement before Sean Dyche's press conference last week suggesting there was "work to be done."
Now the deal is back on with the Friedkin Group as the ownership saga comes to an end which could help the likes of Dyche who will have been feeling under immense pressure from all directions in recent months.