The move will bring Mike Ashley’s 13-year ownership of the club to an end, which many fans will welcome.
The Public Investment Fund of Saudi Arabia, which is led by Crown Prince Mohammed bin Salman, will take an 80 percent stake of Newcastle.
Financier Amanda Staveley will front the consortium, which also includes billionaire British businessmen the Reuben brothers, who will have a 10 percent stake.
All that’s left to be sorted is the transfer of fees, as Newcastle prepare for what they hope will be a prosperous period.
There had been a delay as Premier League officials worked on Project Restart, as they attempt to resume the season.
But despite there being some opposition to the takeover, with critics pointing out Saudi Arabia’s poor human rights history and allegations of links to illegal streaming of sports events, chiefs found no reason to prevent it from happening.
An announcement is expected to be made on or around June 1.
In the weeks since the takeover was first reported, Newcastle have been linked with a host of high-profile managers and players, including Mauricio Pochettino.
But current boss Steve Bruce still wants to be a part of the club’s future.
"I'm in the dark like most other people, and for that, I'm glad, really, because I can't comment on it," Bruce told Sky Sports, per the Mirror.
"It's not worth talking about it as I really don't know."
The 59-year-old added: "If it's good for Newcastle, and the club are going to try to compete with these teams, to be part of it would be great.
"I'd love to see it, and I'd love to be part of it."
Newcastle suffered two relegations under Ashley but they’ll be hoping for more fruitful times if the takeover is completed.