The club have today announced a press conference for tomorrow afternoon, when the deal is expected to be completed.
More than 75% of the club's current shareholders have given Mandaric's take over the green light, allowing him to take full ownership of the Walkers Stadium based club.
Talking of the situation, the former Pompey Chairman said: 'I am getting positive news from everybody and, if that is the case, I am excited at the prospect. I have always had the deepest respect for the club's shareholders.'
Meanwhile, Iain Dowie is expected to sign a contract as the next Coventry City manager later this week. This news strengthens Rob Kelly's position at the club as rumours speculated that Dowie would replace Kelly and become the next City Boss.
Talking about the take over, Kelly said: 'We will know where we are heading after all the uncertainty, and that can only be good for everyone.'
Mandaric will be unveiled as the new owner of the Foxes tomorrow afternoon.