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Premier League side Southampton are set to be taken over by Chinese property development company Lander Sports Development, according to The Times.

The report claims that a deal worth £190 million has been struck with the clubís owner Katharina Liebherr, although there will not be an immediate handover of power.

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Having taken over the running of the Saints when father Markus Liebherr passed away in 2010, she will retain some shares in the short term before, depending on whether promises of investment from Lander are upheld, handing over the reigns fully.

This, along with retaining the services of chairman Ralph Krueger and chief executive Gareth Roberts, is designed to ensure a smooth transition over the initial few months.

It is believed that Liebherr wants to spread her business portfolio and despite rejecting an offer of £180 million from Lander back in January, the new bid is said to be closer to her valuation.

She also believes that greater investment is needed if Southampton are to establish themselves firmly in the top half of the Premier League.

Negotiations are reportedly at an advanced stage although at present there is no set time frame in place for completion.