ITV Calendar sports reporter Chris Dawkes been told the Allam family will release a statement in the next 48 hours to clarify the future of Hull City.
Last week rumours circulated that the Allams, who bought the Tigers in 2010, were looking to sell the club.
In April, the FA ruled against the family's controversial plans to change the club's name to Hull Tigers.
It was a long and busy night for Hull City manager Steve Bruce as he splashed the cash on transfer deadline day.
Bruce was one of the busiest managers in the Premier league, shelling out over £35 million as he looks to bolster his squad after the Tigers early exit from Europe.
As Fiona Dwyer reports, the new signings have gone down well with the fans:
Hull City have rounded off an impressive transfer deadline day with the late signing of winger, Hatem Ben Arfa, from Newcastle United.
The mercurial forward had fallen out of favour at St. James' park and has joined the Tigers on loan, along with other last day deals Abel Hernandez, Gaston Ramirez and Mohamed Diame.
Hull manager Steve Bruce expects forward George Boyd to sign for Burnley after allowing him to hold talks with the Clarets.
Scotland international Boyd joined the Tigers midway through their promotion campaign in 2012/13 and featured intermittently in the Barclays Premier League last season, as well as coming off the bench in the FA Cup final defeat to Arsenal.
But he is now well down the pecking order and has been offered the chance of a key role at Turf Moor. Boyd is expected to cost around £3million.
"It looks like Boydy will go to Burnley. We allowed George to speak to Burnley and personally I wish him well," said Bruce after his side lost 2-1 at Aston Villa.
"He got an offer of a three or four year contract at Burnley and the chance to play.
"But I've been in the game a long time and if all professional footballers were like George Boyd my job would be easy."
Bruce also confirmed the signing of Cork City defender Brian Lenihan, although the 20-year-old is likely to go straight into the club's development squad rather than challenging for a first-team place.
"Lenihan is done and dusted. He's one for the future," added Bruce.
New Hull signing Michael Dawson is hoping he can take his game to the next level under new manager Steve Bruce.
Michael Dawson believes if Hull City got through to the Europa League group stage it would have been a tough ask on the squad. The ex-Tottenham defender has played in the competition for his former club.
New Hull signing Michael Dawson thanked the fans for a warm welcome he received after the Tigers Europa League match against Lokeren on Thursday (28 August) . The former Spurs defender was introduced to the City fans on the pitch at half time.