The Premier Luague side has been on the market for a number of years
Hull City look to be close to a deal that would see the club sold to a Hong Kong consortium for £130 million.
However, the document states that the deal between the consortium and Allamhouse Limited is not legally binding, while the Premier League will also have the final say as they issue their test to ensure that owners of the teams in the league are fit and proper.
The club has been on the market since 2014, and has had a number of false dawns when it comes to introducing new owners, including most recently when talks with Dai Yongge and Dai Xin broke down in September.
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Assem Allam's relationship with the fans has been a difficult one over recent years, including clashes over a proposed name change for the team, in which he told fans "they can die as soon as they want."
Failure to invest in the playing squad also seemed to be one of the reasons that manager Steve Bruce grew frustrated with the team and walked away after leading them to promotion.
Mike Phelan has been given the job in a full-time capacity after a bright start to the season as caretaker manager, but results have tailed off considerably in recent weeks, conceding 17 goals in their last four games in the league.