The proposed transaction would see the group secure a 29.8 percent stake in the Santiago-based outfit from Anibal Mosa, according to local newspaper El Mercurio, reports Xinhua news agency.
"I can't say anything because I signed a confidentiality agreement," Mosa was quoted as saying by the newspaper.
It said a deal could be confirmed within days, citing other unnamed Colo Colo sources.
"What I can say is that Anibal is giving serious thought to it because it's a convenient offer. It could be a done deal within days," an unnamed club official told El Mercurio.
The report added that Mosa would likely remain president of the club for at least another year to allow for a transition period.
Colo Colo are widely regarded as Chile's best ever team and one of the most successful in South America.
They have won 31 top division titles and have never been relegated in their 92-year history.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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