A consortium led by LA Dodgers co-owner Todd Boehly is expected to be named as the preferred bidder to purchase Chelsea.
Reports state that they will now enter a period of exclusivity as they look to complete a takeover from Roman Abramovich.
Boehly has paired up with fellow Dodgers owner Mark Walter, British businessman Jonathan Goldstein, Swiss billionaire Hansjorg Wyss and US investment firm Clearlake Capital in their consortium offer for the Blues.
The group faced competition from two other suitors, including a late bid from British businessman Sir Jim Ratcliffe, which is said to have complicated things after he tabled a bid of more than £4billion.
The other consortiums who had been in the running to buy the Blues were headed by Sir Martin Broughton and Stephen Pagliuca, the co-owner of the Boston Celtics.
Pagliuca was informed on Friday afternoon that his bid to buy the Blues had been unsuccessful.
Raine Group told him that his consortium had not been selected as the preferred bidder.
Abramovich put Chelsea up for sale on March 2, amid Russia’s continued invasion of Ukraine.