The newspaper said on Thursday the deal for the Coca-Cola Football League Championship side should be completed within the next 24 hours, with money made available to buy new players on completion.
Leeds, top of the Premier League in January 2002, have plummeted to 17th place in the Championship – the division below the Premier League - after being forced to sell off their top players to service debts estimated at £80million.
The Post said £23million would be pumped into the club to wipe out non-scheduled debts and loans if the takeover is successful.
It quoted a source close to the new consortium as saying its aim was to make the club debt-free and that it did not plan to sell Elland Road, the team's home ground.
The club teetered on the edge of financial collapse earlier this year before being sold to a Yorkshire-based consortium in March.
