Sainsbury has attracted fresh European investment with the necessary proof of funds.
It is understood a deal is close to being agreed in principle between the two parties but there remain a number of issues still to be resolved.
Despite the financial complexities, in particular relating to the recent sale-and-leaseback of Elland Road and the Thorp Arch training complex, a buyout could be finalised before Christmas, although the Leeds board are believed to be in no rush.