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The Welsh Rugby Union (WRU) has confirmed Ospreys owners, Y11 Sport and Media, have been chosen as the preferred option to buy Cardiff.
The WRU and Ospreys say a successful deal would see Y11 own both teams but they will continue as separate entities.
But no guarantees have been given about the Ospreys' future as a professional side after the end of the 2026-27 season.
The WRU has been trying to sell Cardiff since it took over the organisation that went into administration in April 2025.
Welsh rugby's governing body and Ospreys have released statements confirming Y11 will enter into an "exclusivity period" about taking over Cardiff.
If the deal is successful, Y11 say they will be able to own Cardiff and Ospreys, with the transaction not affected by World Rugby regulations, external about one business owning two sides in the same competition.
World Rugby and the United Rugby Championship (URC) have been approached for comment.
A commitment has been given to Ospreys and Cardiff fans that "both regions continue to play as separate teams".
Ospreys chief executive Lance Bradley says the organisation will still be owned by Y11 and "continue to play in the United Rugby Championship (URC) and European competitions until at least the end of the 2026-27 season".
The long-term future of Ospreys is one of the unanswered questions about what this deal means for Welsh rugby.
The WRU has proposed cutting one of its four men's professional sides - Cardiff, Dragons, Ospreys and Scarlets - to three, and this agreement was seen to help that process.
The WRU has stated there will be one licence in Cardiff, one in the west and one in the east, with Llanelli-based Scarlets, and Dragons in Newport, expected to be handed those.
So while Ospreys will continue playing in the URC and Europe next season, there are no guarantees of them maintaining their status as a professional outfit beyond the end of the 2026-27 campaign.
That decision will be tied in with when the URC can find another side to replace the culled Welsh team in the league.
Another unknown is what will happen with the £5m development of the St Helen's ground in Swansea that was set to be the Ospreys' new home from the start of next season.
Swansea Council, which is funding the project, this week said it was considering legal action to safeguard the future of regional rugby in the city.
Ospreys, WRU and Swansea Council held a meeting on Thursday and talks will be ongoing about whether the rugby side will be part of the St Helen's development plans.
Time is ticking for the ground to be ready for the Ospreys at the start of next season in September, with Mark Jones' side playing at Bridgend during this campaign.
Cardiff supporters have also been opposed to this deal and it remains to be seen how they react to this confirmation.
Ospreys chief executive Lance Bradley apologised for not communicating earlier as he stated discussions between Y11 and the WRU were "commercially confidential and could not be discussed".
"I recognise this has resulted in a few days of increased uncertainty, and this has left many of you wondering what's happening with your club," said Bradley.
"I'm now sharing as much information as I can about the situation.
"The WRU has today confirmed its intention to sell Cardiff Rugby to Y11. Being announced as the preferred bidder means both parties now enter into an exclusivity period to finalise the transaction."
Bradley reiterated Y11's commitment to the Ospreys and says if a deal is concluded he promised to give a "full update on what the overall plan will be".
"Whether a deal is concluded or not, however, Y11 will continue to own and operate Ospreys," said Bradley
"If a deal for Cardiff is finalised, this would see Y11 owning and operating both Ospreys and Cardiff, with both regions continuing to play as separate teams.
"Crucially, I want to make clear Ospreys will continue to play in the URC and EPCR competitions until at least the end of the 2026-27 season."
The WRU says its intention to sell Cardiff to Y11 Sport and Media followed "a rigorous open bidding process" after another consortium, led by former Cardiff director Martyn Ryan, was also considered.
The governing body says the deal marks a "significant milestone for Welsh rugby, ensuring long-term stability for the capital's club under private ownership".
A WRU statement read: "This was a unanimous decision by the WRU board and based on the best financial future for Cardiff, including access to identified funding, security of long-term investment and commitment to the Cardiff Rugby brand and heritage.
"On completion of the transaction, Y11 would become the new owners of Cardiff Rugby which would remain an independent club and brand playing in Cardiff.
"Y11 would continue as the owners of Ospreys as a separate club, and Ospreys will continue to play in the URC and EPCR competitions until at least the end of the 2026-27 season."
