The Al-Hasawi family have entered a period of exclusive negotiation with the club, with the estate of previous owner Nigel Doughty, who died in February, currently covering costs
The club's running costs are currently being covered by the estate of Nigel Doughty, who died in February having already announced that he would step down as chairman at the end of the 2011-12 season.
Forest have been searching for new owners since early in the previous campaign and now look close to sealing a deal with the Kuwaiti family, consisting of Fawaz, Abdulaziz and Omar Al-Hasawi.
Fawaz Al-Hasawi recently stepped down as president of Kuwaiti Premier League side Qadsia, who have won four consecutive titles in the country's top flight.
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"The future on-field and off-field success of Nottingham Forest is at the heart of our plans which we will of course announce in due course," a statement from the Al-Hasawi family read.
"The Board of Directors of Nottingham Forest can confirm that the estate of Nigel Doughty has granted an exclusive period of negotiation to Messrs. Fawaz, Abdulaziz and Omar Al-Hasawi over the potential purchase of the club," a statement from Nottingham Forest read.
"Advisors on behalf of the Al-Hasawi family are conducting the usual buyer's due diligence, assisted by the estate and senior management at the football club.
"At this time we ask fans to ignore all media speculation and we will update supporters as soon as there is anything material to report.
"In the meantime, the renewal period for season tickets remains extended until such time as there is certainty with regard to the ownership of the club.
"The Board of Nottingham Forest would like to thank supporters for their patience and understanding at this difficult time.
"The Board will not be making any further comment at this time."