Hull owner Russell Bartlett is in talks with local businessman Assem Allam regarding the sale of the club.
Egyptian-born Allam and his son Ehab, worth a reported £150million after setting up a diesel generating manufacturing business on Humberside, met with Bartlett and head of football operations Adam Pearson to discuss a possible takeover on Monday.
Allam told BBC Radio Humberside: "I have been here for 42 years and have built my business in the area. I think it's time to pay it back - Hull City are important to the area."
He added: "We started talks earlier in the year and now we're talking again. Both parties are interested in talking again and it's in the interests of everybody concerned that things don't take a long time."
Hull, who have made an indifferent start in the npower Championship under new manager Nigel Pearson following relegation from the Barclays Premier League last season, are understood to have debts of around £20million, but Allam is ready to settle these and provide cash for team strengthening.
Adam Pearson, it has also been reported, is keen to invest his own money in support of the new deal as he wants to see the club back in the hands of local owners.
Copyright (c) PA Sport 2009, All Rights Reserved.