John Bennett is reportedly set to sell his Rangers stake in the deal to see 49ers Enterprises complete an Ibrox takeover.
Andrew Cavenagh and Paraag Marathe are leading discussions to acquire a controlling stake in Rangers.
We revealed that Dave King is willing to sell his shares in the club to help the takeover pass.
Reports have suggested a ballpark timeline of between April and June for the deal to be finalised with discussions dating back to October.
Now, The Scottish Sun claim Bennett is willing to sell his shares - around seven percent - and end his financial association with the club.
It's claimed one other investor will part with their shares in the 49ers deal with the rest of the shareholders likely to keep at least a portion of their ownership stake.
Bennett owns 34m Rangers shares and previously help the post of chairman of the club before stepping down due to health matters.
It's thought the 49ers Enterprises deal would see the group add two of their own people to the Rangers boardroom.
Read more:
King said in a statement to the Rangers Review: "I am on record as stating that I offered to return as chairman for a limited two year period to restore the proper operational structures at the club and to find a new and substantial anchor investor that could take the club forward with stability rather than the present 'cap in hand' approach to funding. The board rejected my offer of assistance as it was entitled to do.
"I also stated that I believe that the present investors have 'investment fatigue' and that any new investor should be of unquestionable wealth to not only inject much-needed funds into the club immediately but also have funds in reserve to support the rebuilding program that will be required both on and off the pitch.
"Given that the Club had made it clear that I had no further role to play I thought it would be a fitting legacy if I sought out potential investors that met my criteria and who could buy out some of the existing shareholders (such as me) who no longer have a role to play and then inject new funds to become a new anchor shareholder.
"Such an investor would also need to be acceptable to supporters and to have the appropriate skills set to take our unique club forward. It was extremely unlikely to find such an investor in Scotland (which is why I was pulled into the regime all those years ago).
"After 'kissing many frogs' I finally identified two possibilities - one of which was introduced by an ex-colleague. Both met my criteria and I engaged with them accordingly.
"The initial engagement required discussions with the principals to understand why they wanted to invest, confirming proof of funds from their bankers for the level of investment I think is needed over the next few years, and establishing what a potential deal might look like. After the initial high-level discussions, I had an initial preferred investor so I put the other one on hold by agreement.
"I then, over a period of time, engaged with individual shareholders and directors to try to get broad consensus on a deal that might be done and that I felt I could support personally and that I thought supporters would support.
"That point was reached and more formal discussions ensued between the potential investor and the board as a collective. Discussions have proceeded in a constructive manner but a deal has not yet been finalised and the parties remain bound by confidentiality.
"Much of what has been written in the press is speculative and incorrect. At this time no deal has been concluded with any investor."
