West Ham are expected to announce details of a takeover of the club to the Stock Exchange on Tuesday.
West Ham have announced they have accepted Eggert Magnusson's £85m takeover bid for the club.
A consortium headed by Icelandic Football Association president Eggert Magnusson looks to have won the battle for the Premiership outfit.
The board of directors have also unanimously recommended that the remaining club shareholders accept their offer.
Magnusson is not expected to formally replace Terry Brown as chairman for a couple of weeks while the deal is formally processed.
More soon.
The consortium is backed by billionaire financier Bjorgolfur Gudmundsson.
The chairman of the Icelandic bank Landsbanki is believed to have bankrolled an offer of between £75m and £85m, while also taking on the club's £22.5m debt.
Once the deal has been finalised Magnusson will resign from his Icelandic FA post and step down from Uefa's executive committee.
He met Brown over the weekend and confirmed the consortium were preparing a formal offer after completing the due diligence on Friday.
He has already met Hammers boss Alan Pardew to reassure him of his support and that he will have funds for signings in the January transfer window.
The futures of Carlos Tevez and Javier Mascherano look less secure.
The Argentina internationals were brought to West Ham by Iranian-born Kia Joorabchian, who then led a takeover attempt that failed to lead to any offer for the club.
Tevez and Mascherano have played sporadically and their arrival has coincided with West Ham's recent slump.
The Hammers have gone out of both the Uefa and Carling Cups and they are fifth bottom of the Premiership.
