It is believed that Shnaider's Midland organisation will acquire a 49.9 per cent stake in the Silverstone-based team currently owned by Merrion Capital, an Irish investment company, reports The Guardian newspaper.
The deal would see Eddie Jordan adopt a more commercially orientated role and Shnaider would take over as team principal, eventually purchasing a further stake from Jordan's 50.1 per cent shareholding.
Shnaider, 36, is totally new to the motor racing business. His firm, Midland Resource Holdings, has stakes in steel businesses in Serbia, Ukraine, Turkey, China, India, Montenegro and Russia.
His tie-up with Jordan would allow Midland to avoid paying an entry deposit of $48million (£26million) to the FIA, which is then repaid monthly during the team's first year of competition.
