Over the past few years, its stake increased to 44%, while Radrizzani's Aser Ventures owned the remaining 56%. Leeds said that a purchase has now been agreed.
"Both parties continue to work through the details, and further updates will be provided soon," they said in a statement.
Leeds were relegated from England's top tier after a roller-coaster season under four different managers. They finished second from bottom in the standings on 31 points and will now compete in the EFL Championship next season.
"All of our focus remains on a quick return to the Premier League," the statement added.