Sheffield United co-owner Prince Abdullah Bin Mosa'ad Abdulaziz Al Saud is in talks to take full control at Bramall Lane.
The Saudi prince bought a 50 per cent stake in the Blades from Kevin McCabe in August 2013, with the option to buy purchase full ownership at a later date.
A blades statement read: "His Royal Highness Prince Abdullah Bin Mosa'ad Abdulaziz Al Saud (the Prince) and Kevin McCabe are in discussions regarding the transfer of ownership and control and Sheffield United Football Club to the Prince.
"Sheffield United Football Club is part of the Blades Leisure Limited group, a joint venture between Sheffield United Limited, controlled by the McCabe family, and companies controlled by the Prince.
"Ownership of Blades Leisure Limited is governed by an Investment Agreement dated 30th August 2013 which provides for the transfer of control of Blades to the Prince. The Investment Agreement also includes a provision for the transfer of the Club in certain circumstances of the freeholds of Bramall Lane Stadium (and the long leasehold interests in the Copthorne Hotel and Enterprise Centre) plus Shirecliffe Academy and the Junior Development Centre at Crookes.
"In response to a process commenced by Sheffield United Limited, on 26th January 2018 UTB LLC, a company controlled by the Prince, served a notice exercising an option to purchase the remaining 50% of Blades Leisure from Sheffield United Limited. Both parties are currently in negotiation with regard to the remaining provisions in the Investment Agreement and hope to come to a final settlement in the near future.
"The Prince and Kevin McCabe want to reassure everyone connected to the club that the current negotiations and transfer of ownership will have no impact on the club's management and its staff."