The statement, issued by the Allams, has yet to be confirmed by the football club.
The club, which was relegated from the Barclays Premier League last season after finishing in 19th position, is believed to have debts totalling in the region of £35 million, for which, according to the proposed takeover, the new ownership has plans.
70 year old Assem Allam was born in Egypt before moving to the UK to study at Hull University. He is the founder and principle shareholder of Allam Marine Ltd, which makes industrial and marine generators. Allam is believed to have a personal wealth of £150 million.
Hull City was previously owned by businessman Russell Bartlett.