Lawyers for the two parties have been meeting in London, and it is understood a deal to sell 90% of the troubled Fratton Park club could be agreed as early as this evening.

Al-Fahim is willing to relinquish full ownership in the "best interests" of Portsmouth, just 43 days after buying the club from Alexander Gaydamak.

Ivo Gabara, a spokesman for Al-Fahim, told Press Association Sport: "Sulaiman's lawyers are engaged in talks with lawyers for Al-Faraj. He expects an offer to be made today.

"In the best interests of the club, he is willing to forego full ownership - and if or when an offer is on the table, it will be considered on its merits."

Al-Fahim will reportedly retain a 10% shareholding in the club and keep his place on the board.

Al-Faraj has already passed the Premier League's fit and proper person test following his involvement in the consortium that attempted to buy the club in late August.

On that occasion, Al-Faraj missed out when Gaydamak opted to sell his majority shareholding to Al-Fahim's company, Al-Fahim Asia Associates Ltd (AAA).

But chief executive Peter Storrie brought Al-Faraj back to the table when doubts began to grow that Al-Fahim could attract the necessary funding in time to stop the club going bust.

Portsmouth owe millions to clubs, agents and the Inland Revenue. Al-Faraj is reported to have supplied the £5million bridging loan needed last week to pay the wages of club staff.

Al-Fahim was forced to refinance Portsmouth after banks demanded immediate payment of all television receipts and profits from the last transfer window, totalling £35million.

Storrie revealed last weekend "there is no money left" and that 30% of the £50million package Al-Fahim had pledged to raise is due by mid-October.

While the takeover talks continue, Al-Fahim has confirmed he will continue his efforts to attract new investors to the club.

Gabara told Sky Sports News: "Sulaiman confirmed to me his commitment to the re-financing of the club.

"He is working with the (financing) officer of the club to ensure that the refincancing is in place as announced in the next three weeks.

"He is still working very much to ensure that the financing he has announced will be met on schedule."