Local businessman Paul Richardson says he and former Barcelona striker Maxi Lopez hope to complete a deal to buy Birmingham within the next three weeks.
The consortium were reportedly competing with former Watford owner Laurence Bassini to purchase the Blues from current owners Birmingham Sport Holdings (BSHL).
They have now been granted exclusivity.
An application has been submitted to the EFL for the prospective new owners to undertake the league's owners' and directors' test, while Lopez and Richardson are at St Andrew's on Tuesday to begin due diligence.
Speaking to Sky Sports, Richardson - who describes himself as a "lifelong Birmingham fan" - said: "We exchanged contracts on Saturday after many months.
'We paid our deposit on Monday and now we're in today to start our work to find out how the club works - our due diligence.
We'll then wait for EFL approval, which could take a couple, three weeks maybe, and then we go to completion.
