Luton have agreed a deal with a consortium led by television presenter Nick Owen to buy the League One club.
Luton are currently in administration
Newly-formed Luton Town Football Club 2020 Limited, led by Owen, has made an immediate loan to The Hatters and aims to purchase the club by February.
"We've been given exclusive, priority bidder status," Owen told BBC Radio Five Live. "It's a very exciting time."
Currently in administration, Luton are facing relegation, while manager Kevin Blackwell has tendered his resignation.
The loan made by Luton Town Football Club 2020 Limited, which is funded by a number of business people who support the club and two former players - Steve Foster and Godfrey Ingham - buys them a period of exclusivity until end February 2008 while a sale is negotiated.
Any purchase will be conditional upon the approval of the Football League and the Football Association, it was announced.
Luton boss Blackwell, who is still in charge until his notice expires on 9 February, has voiced fears that some of his players could refuse to face Liverpool in Tuesday's FA Cup third-round replay at Anfield to avoid injury.
He was unhappy that Luton's administrators agreed to sell captain Chris Coyne to Colchester and midfielder Dave Edwards to Wolves without his knowledge.
But asked whether the latest development regarding the club's takeover might make him change his decision to resign next month, Blackwell told BBC Radio Five Live: "Who knows?"
Owen, who will be the club's non-executive chairman, said he had not spoken to Blackwell about the manager's future but the presenter did assure fans that the club would not be selling any more players.
"I haven't spoken to him (Blackwell)," said Owen. "I'm more the face of the bid. I'm not going to be part of the decision-making process. I really can't make decisions or forecast what's going to happen.
"I'm very confident about the future and I'm thrilled for the fans.
"We will only let players go when we think it's in the best interest of the club and I hope there will be no more sales in the coming weeks."