The Jack Walker Trust put Blackburn up for sale two years ago in the hope of attracting buyers willing to invest, but Venky's is the first company to have satisfied club chiefs about their future intentions.
Former Rovers striker Kevin Gallacher, who spent six years at Ewood Park, urged caution until the deal is completed.
"I always thought Blackburn would have plenty of coals in the fire but I won't really believe it until the ink's dry on the contract," the former Scotland international told BBC Radio Lancashire.
"We've seen it before with people celebrating that they're coming in to buy the club, offering Sam [Allardyce] £100m and then nothing prevails.
"It'd be great if it does happen in November. It'd give Sam time to sit down and think about the players he's really thought about over the last few months and know what he's going to be able to play ball with."
Speaking last week, Blackburn boss Sam Allardyce welcomed the prospect of a sale and new investment in the team.
"Investment is needed at every football club and investment here has dried up somewhat because of the club being up for sale," he said.
"We have a strong base at Rovers, a very good club which is run and managed very professionally indeed. Blackburn Rovers has a strong history and it could have a bright future, given the right sort of investment."
Blackburn are 17th, one place above the relegation places although only three points away from seventh, in a compressed Premier League with nine points from nine games.
In August, Blackburn said they held a "cordial and productive meeting" with Indian businessman Ahsan Ali Syed's company over a proposed takeover.
Bahrain-based Syed, owner of Western Gulf Advisory, said he was keen to buy the Lancashire club and would give Allardyce a transfer kitty of £100m.
However, a BBC Radio 5 live investigation revealed he had left a trail of unpaid debt in the UK.
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