Wigan Athletic's owners International Entertainment Corporation (IEC) say they intend to change ownership to a fund owned by chairman Stanley Choi.
Hong Kong-based IEC notified the Hong Kong Stock Exchange of the change to Next Leader Limited (NLL) on Monday.
A memorandum of understanding states NLL will set up a fund which will go on to purchase the club's shares.
The Whelan family sold the club to IEC in November 2018 for £22m after 23 years as owners of the Latics.
The change of ownership is not expected to affect the day-to-day running of the Championship club.
"At this time, this is only an intention set out in the agreement and there will be a period of at least one month's due diligence prior to any transaction being complete," a club statement said.