Cardiff City have reached an agreement in principle to form a "strategic marketing alliance" with Malaysian group Football Focus Asia.
The alliance could see the Bluebirds receive a cash boost in terms of wiping out a £24m debt along with possible shirt and stadium sponsorship.
It would also involve pre-season tours, youth development and a new fan base.
"We think it's a massive coup for Cardiff City Football Club," said Cardiff chairman Peter Ridsdale.
"At this stage it's essentially a work in progress.
"You don't do things overnight in the Far East. They want to know you, trust you and trust what you say."
Ridsdale and non executive director Alan Whiteley were in Malaysia last week to meet businessman Dato' Chan Tien Ghee [TG], who is behind Football Focus Asia.
TG is also the managing director of Central Malaysian Properties, one of the largest property companies in Malaysia.
Ridsdale confirmed talks have been taking place since January and said the alliance will be centred in Malaysia.
"It will be a long-term alliance," he added.
"It will include youth development, it will include the opportunity to explore the whole fan base.
"It will certainly include sponsorship. We are already talking to them about shirt sponsorship and stadium naming rights without any definite conclusions at this stage.
"We are also talking about their assistance in trying to put this club on the sort of financial footing that we would have liked to dream of when I first arrived at this football club."
Statement from official Cardiff City website