The proposed sale was announced in a statement from GreaterChina Professional Services Limited released by the Hong Kong Stock Exchange on Wednesday.
GreaterChina Professional Services Limited has formed a consortium with Camsing Global to purchase the club from the Allam family, though the agreement requires the approval of the Premier League before it can be completed.
The Allam family had reportedly been looking for $191 million for the sale of the club, with a number of bidders said to be interested.
Chinese American businessman Chien Lee had been said to be close to a deal for the Yorkshire club, who are 16th in the Premier League having taken seven points from eight games.
Assem Allam purchased Hull back in 2010 but has courted controversy in recent times having drawn the ire of sections of the support with his proposal to change the club's name to Hull Tigers.