The club was relegated from the Premier League after a catastrophic season but is still regarded as one of the sleeping giants of English football.
The club has been dozing for most of the last half century but may be roused by Quinn who has an irrevocable agreement with the three major shareholders and now has a 21-day period to try and acquire the rest of the shares.
Former chairman Bob Murray has given the Irishman permission to start looking for a new manager immediately.
Ex-striker Quinn, 39, spent the last six years of his career at the club and was a hugely popular figure.
Quinn said: "My consortium are buying into the wonderful potential at the club and wish to help enable it to regain the status it truly deserves.
"I am personally delighted on behalf of my company Drumaville to be in position to present this offer to the shareholders of Sunderland.
"I really firmly believe if I can reconnect the players to the people and the club in general to the people, and the passion flows around the stadium with its positive charges, this team will get back to where it deserves to be."
