Dovid Efune, owner of The New York Sun, has entered exclusive negotiations to purchase the Daily and Sunday Telegraph for £550 million, according to reports.
Efune, who previously edited the Algemeiner Journal, made the highest bid last month, surpassing three other competitors.
The deal will undergo a six-week due diligence process to confirm his suitability before receiving approval from Culture Secretary Lisa Nandy.
Efune, backed by Oaktree and Hudson Bay Capital, expressed admiration for the Telegraph, calling it a symbol of independent journalism.
He also emphasised his commitment to maintaining the newspaper's legacy of providing clear, impactful reporting on significant issues.