Spanish media company 'Cadena Ser' are reporting that the former Barcelona and Inter Milan striker is set to become the club's majority shareholder and president.
The takeover could be ratified in the next two to three weeks and would reportedly settle the club's debts of £22.7m (€25m).
It is also reported that the current president, Carlos Suarez, would remain in charge of managing the day-to-day business of the club.
Real Malladolid surprised many by gaining promotion to LaLiga this season, however they are yet to win this season.
August 27, 2018
The club also gained media attention from the poor state of their home pitch as they hosted Barcelona at the weekend.