Zuffa LLC, owners of UFC, will sell the promotion to a group led by talent giant WME-IMG for around $4 billion.
Announcement of the sale could come as early as Monday, according to the New York Times.
Dana White, UFC president, told ESPN's Brett Okamoto that his responsibilities within the promotion won't change.
"President, owner, working my ass off," White said. "Just doing it without my best friend and partners for 20 years."
White classified the sale as "very" bittersweet, but assured fans they shouldn't worry about the change in ownership.
"Exact opposite," White said.