Palermo have announced that American-born Paul Baccaglini will take over ownership of the club from Maurizio Zamparini by the end of the month.
A statement on the club's official website said Baccaglini and Zamparini met on Tuesday and closed the deal following a positive outcome of due diligence.
Palermo said the change of ownership would go through by June 30.
The club were relegated last season after finishing second from bottom of Serie A.
Baccaglini, who grew up in the United States, moved to Italy to pursue a basketball career before becoming known as a TV personality.
Zamparini, who purchased the club in 2002, made 40 coaching changes during his time in charge.