Singh and his consortium, which includes television presenter Jeff Stelling, are believed to have reached an agreement with the National League outfit on Wednesday night.
Hartlepool have been working under a transfer embargo and, according to Sky Sports News, Singh will appeal for this to be lifted once the agreement is ratified.
In the meantime, Hartlepool Borough Council have made a short-term loan of £77,500 to the club to help the wage bill for March.
Pools chief executive Pam Duxbury made the request as negotiations continue to sell the club to Singh, the chairman of Darlington before they were liquidated in 2012.
Funds will be repaid by Hartlepool once transfer fee instalments underwritten by the EFL are received, and the council says that the loan will be repaid in full by September 1.
Hartlepool beat Barrow 2-1 on Wednesday night, which took them to 19th in the National League table.