Earlier, the Silverstone based team considered a name change for 2018, amid rumours a consortium led by British energy drink Rich Energy was in talks.
But according to Euronews, the deal is still on and could be completed within weeks.
Sources said Rich Energy chief William Storey has “finalised terms with Vijay Mallya and Subrata Roy to buy the team for an undisclosed sum”.
The source said: “The deal is done, only the paperwork needs to be completed. It’s a big investment and it’s going to shake things up a lot.
“It’s taken a long time to do the deal but there’s no stopping the sale now.”