Lim made a bid worth in excess of £300m to buy Liverpool in 2010, before the Merseyside club was sold to John W Henry's Fenway Sports Group.
Despite his interest in Liverpool, Lim is a lifelong Manchester United supporter and he is believed to have a long-standing professional relationship with the former United players.
According to the Daily Mail, Lim has agreed to the deal after being impressed with the potential for rapid growth at Salford City, who play in the eighth tier of English football.
The club currently sit top of the EvoStik Northern Premier League after six victories from their opening seven league games.
The deal remains subject to FA approval.