Results on the pitch also failed to materialise with the well-supported club, who were relegated from the Premier League in 2004, now 18th in the Championship (second tier).
"One hundred percent I will sell to the fans, if they want to buy it and look after the club. The fans are the only asset the club has," Cellino told BBC Radio Leeds.
Fans group Leeds Fans Utd tweeted: "Leeds Fans Utd has today reached agreement in principle with Massimo Cellino to purchase a majority stake in Leeds United Football Club."
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Former Cagliari owner Cellino, who got through 36 coaches in 22 years at the Italian club to earn the nickname the "coach eater", has sacked five managers in just 17 months at Leeds.
(Writing by Mark Meadows; Editing by Ken Ferris)
