Bahrain-based businessman Nooruddin, who bought a 10 per cent stake in Leeds from owners GFH Capital in March, said the unnamed party had the financial muscle to "take the club to the next level".
Nooruddin told BBC Radio Leeds: "We are very particular as to the quality and type of investor we want to bring in.
"We are looking for an investor who really adds value and can help us take the club to the next level. I think something might be on the horizon.
"But we have reached a situation where I would say we are close to engaging with one."
Nooruddin said that there had been no shortage of interest from potential investors in Leeds since GFH Capital completed their takeover in December last year.
"There's a lot of interest, but we are looking for an investor that really adds value and can help us take the club to the next level," he said. "And we've been sometime doing that and I think something might be on the horizon.
"We need people who understand the dynamics of the football club. The reward could be huge, taking a club of Leeds' size and magnitude into the top flight will be a magnificent achievement for an investor.
"This is what prompted us to make an investment in Leeds. This is a special club, and any investment requires patience, it's for the long-term, and has to be someone who loves football. It can't be purely financial."
Manager Brian McDermott has struggled to strengthen his squad on a limited budget since replacing Neil Warnock in April and fans were voicing their concerns following a run of four straight defeats prior to Tuesday night's 2-1 home win over Bournemouth.
McDermott revealed he had made unsuccessful bids to land former Leeds striker Luciano Becchio and Arsenal teenager Serge Gnabry on loan, while Nooruddin has pledged his support for the former Reading boss in the loan market.
Nooruddin said: "We have mandated the manager to look out for someone suitable, who fits into the squad according to Brian's view, and the sooner we get someone the better.
"The loan market is very tight. Brian came to us with a few names - with some we were not lucky, but we have shortlisted some and I think if we are lucky we could close with them very soon.
"In the loan market I think the wage will not be a problem because it's for the short-term. It should not be an issue and we have given Brian a clear hand to do that."