Sheffield Wednesday could soon be in the hands of new owners, it has been reported.

Current owner Milan Mandaric is close to completing a deal to sell the Sky Bet Championship club to Azerbaijani businessman Hafiz Mammadov.

Mandaric, who bought Wednesday for £1 in December 2010 when agreeing to take on reported debts of over £20million, has been in talks with Mammadov "for some time", according to BBC Radio Sheffield.

Former Portsmouth and Leicester owner Mandaric has made no secret of his plans to sell the South Yorkshire club, but stressed it would only be to someone who could invest in the playing squad.

Mammadov, founder and chairman of Azerbaijan-based Baghlan Group, which specializes in oil, gas, construction and transportation, also owns Azerbaijan side FC Baku and French Ligue One club Lens.

The Owls finished 16th in the Championship last season after winning automatic promotion back to the second tier in 2012.