Wednesday chairman Milan Mandaric has been open to the idea of selling the club for some time and has been in talks with interested investors for the past year.
Mandaric saved Wednesday from administration in 2010, but has admitted he would step down if he could find someone suitable to take over and it was in the best interests of the club.
A number of groups have been linked with a takeover, but now a Qatari consortium are front-runners to gain control of the Sky Bet Championship club.
Football agent Jonathan Hope, who has been fronting the Qatari consortium, has revealed talks are at an advanced stage and hopes a takeover deal will be secured soon.
"The club wanted an investor in terms of a buy-out and I have found a solution," Hope told Sky Sports. "My team have been working endlessly to occupy the requirements set out by Milan Mandaric and find an investor.
"We believe we have now met this and we have agreed a suitable deal which will see the Qatari investors take control of the club and investing substantial amounts in every department to get Sheffield Wednesday back up to the Premier League where they belong and should be.
"I haven't been part of the negotiations, but hopefully the deal will be announced over the next few days and the fans should get excited as this is a very lucrative deal for the club.
"This is a great opportunity for Sheffield Wednesday and we were more than happy to facilitate such a huge deal. I wish them all the best in the future and know there long term plans are in the hands of the right people."