Chinese businessman Dai Yongge was ordered to sell the club in March, having been disqualified under the EFL's owners' and directors' test. Reading announced last month that they had agreed terms over the sale.
"Reading Football Club is pleased to announce the sale in principle of the club to Redwood Holdings Limited...," the club said in a statement.
"Based on the agreement between the parties, the EFL has agreed to extend its deadline for the divestment of Mr Dai Yongge's shareholding until its next board meeting on May 8.
"Redwood Holdings Ltd is a subsidiary of Dogwood Football LLC, which is owned by Rob Couhig and Todd Trosclair of New Orleans, Louisiana."
Yongge, who took over Reading in 2017, has been blamed by fans for the club's problems after they had six points deducted last season for financial mismanagement.
They also withdrew from the Women's Championship due to financial issues.
Reading are seventh in League One, one place behind Leyton Orient who are in the final playoff place on goal difference.
