New York Sun owner Dovid Efune is reportedly nearing a deal to buy the Daily Telegraph for £550 million.
Efune is due to enter exclusive talks to buy the newspaper, with an agreement expected over the next week, according to the Financial Times.
Talks between the media magnate and RedBird IMI were said to have reached an advanced stage over the weekend, with a deal set to bring an end to 16 months' worth of off-and-on bidding battles.
A takeover by Efune would see competition from the likes of National World owner David Montgomery, hedge fund head Paul Marshall and ex-UK chancellor Nadhim Zahawi staved off.
British-born Efune’s offer reportedly trumped bids from rivals, sources told the Financial Times, with backing coming from a number of US-based investors and funds.
Uncertainty has loomed around the Telegraph’s future since the Barclay family lost control of the newspaper and sister publication The Spectator last year.
RedBird IMI’s subsequent £600 million acquisition was then blocked from being completed after politicians raised concerns over foreign ownership, given the group’s backing by Abu Dhabi.