Thailand's prime minister Thaksin Shinawatra claims Liverpool have accepted his £60 million sterling bid to buy a 30 per cent stake in the club.
The Liverpool board has to choose between Thaskin's offer and a rival £73 million bid from building tycoon and lifelong fan Steve Morgan.
David Moores, whose family has had control of Liverpool for half a century, owns 51 per cent of the club and television company Granada has a 9.9 per cent share.
Morgan aimed to raise £61 million with a rights issue and £12 million through a share issue, but directors branded the plan "unattractive" after a board meeting on Thursday. The board claimed his offer does not represent the true value of the club.
Thaksin, a billionaire telecoms tycoon before he turned to politics, has said he wants to promote Thai football and employ Liverpool coaches to lift the lacklustre national game to international standards.
"In principle they agreed to give it to us and now we are working on details," Thaksin told the BBC. Spokesman Santiparb Tejavanija said: "I am flying to Liverpool tonight. Our proposal has been approved."
Santiparb added: "What I will sign in England would be something of a memorandum of understanding or letter of intent. After that we will work on the legal details of the investment."
PA