The News of the World claim that Shearer has been in talks to take the reins at Hillsborough and has been promised a £20million transfer kitty by the Lancashire businessman Geoff Sheard.
Sheard is buying out the former chairman Dave Allen and is understood to have the backing of Russian telecom tycoon Vladimir Yevtushenkov, the world's 72nd richest man.
"The deal is now 75 per cent done and every board member except one has given the go-ahead," the NOTW quotes a source as saying.
"Once it's done, the new owners believe they can convince Shearer to replace Brian Laws as manager. That is likely to be within days rather than weeks."