Reports have emerged French Ligue 1 club, Lyon, is nearing a takeover worth an estimated €600 million (AUD$896 million) by Foster Gillett.

Gillett, the son of former Liverpool owner, George Gillet, will become the majority shareholder of the club after reaching an agreement with current owner and president, Jean-Michel Aulas, who will leave his role at the club within the coming years after the takeover is finalised.

The report suggested Gillett beat out three other bidders for the purchase, including Crystal Palace co-owner, John Textor.

Gillett, while his father owned Liverpool, served as a director at the club, and currently has a net worth around US$700 million.

The news was first reported by French publication, L’Equipe, and suggested the official announcement will come at the end of the week, with Gillett assumed to be taking over the role of president from Aulas within a three-year timeframe.

Aulas will stay in the role, which he has held since 1987, in order to facilitate a smooth transition of ownership to Gillett.

The sale of the club comes after recent news earlier in the year their minority shareholders, Pathé and IDG Capital Partners were trying to sell their stakes of around 20% in the club, forcing Aulas to make a decision about his future as the club’s owner without the support of the minority shareholders or with a major change to the club’s ownership model.

The offer presented by Gillett will reportedly cover the two minority stakes as well as Aulas’ shares in the club, with an addition €100 million to be invested directly into the club’s operations.