Hull's owners hope to complete the sale of the club within the next fortnight, vice-chairman Ehab Allam has confirmed.
The Allam family, who have owned the Tigers since 2010, have announced a deal has been agreed with prospective new owners, understood to be a Chinese consortium headed by a brother and sister partnership of Dai Yongge and Dai Xin Li.
Allam did not reveal the identity of the prospective new owners but said the club would reveal more details "in the near future."
"As has been highlighted in the press in the past few weeks, a takeover of the club is at an advanced stage -- a deal has been agreed and due diligence is well underway," Ehab Allam said in his programme notes ahead of this evening's home Premier League game against Manchester United.
"We have enjoyed our time as the custodians of the Tigers, but we appreciate, as with [departed manager] Steve [Bruce], we have taken the club as far as we can.
"The time has come for new owners to come in and take over from us and we hope to have more information for you all on that in the near future.
"At this point we do believe that today could be our last game as owners of this football club."
As well as due diligence, the sale of the club hinges on the Football Association's owners and directors test, which was expected to take several weeks, but today's announcement confirms a takeover is imminent.
The club announced in July that takeover talks would be put on hold until after the transfer window had closed in September, after initially opening talks with several interested parties in May.
Representatives of a Chinese consortium watched Hull's opening-day win against Leicester at the KCOM Stadium.
The club was put up for sale in 2014 after the FA rejected chairman Assem Allam's bid to change their name to Hull Tigers, a move which was vehemently opposed by the majority of Hull's fans.
The Allam family have since come under increasing pressure from supporters, whose discontent with how the club was being run reached new heights following the departure of former manager Bruce in July.
Bruce had grown increasingly frustrated at the lack of new signings after Hull had won promotion back to the top flight in May and had expressed doubts about his future even before Hull's playoff final win against Sheffield Wednesday.
Caretaker boss Mike Phelan has also expressed his frustration at the lack of incoming players and selected his side for the 5:30 p.m. kickoff against his former club United from a squad that includes 14 fit senior players.
Ehab Allam added: "This, along with how different the market is since we last played in the top flight, has obviously made the transfer window a difficult time for all concerned.
"However, we are working hard to bring in some new faces prior to the sale of the club and we are confident of being able to do so.
"This is an attractive club for any player to represent, particularly when you consider the togetherness and strength of character we have within the dressing room already."
Hull have had an offer accepted for Scotland goalkeeper David Marshall, who was left out of Cardiff's squad to face Reading on Saturday afternoon.