Manchester City owners City Football Group (CFG) are a step away from completing their takeover of Palermo.
The revived Rosanero now compete in Serie B after rebuilding the club following bankruptcy.
Sky Italia says a CFG delegation have flown to Milan for talks with Palermo president Dario Mirri.
More talks are expected over the next few days and it's said that only the "last set of paperwork and bureaucracy is left to be ironed out". Talks between the two parties began in April.
Palermo have been a club in turmoil over the past few seasons, having gone bankrupt back in 2019.
The side which had three fifth-placed finishes in Serie A between 2006 and 2010 were automatically relegated to Serie D.
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