Lebedev is reportedly poised to take a controlling 76% stake of the struggling newspaper with the London Evening Standard's parent group, Daily Mail & General Trust, retaining a 24% stake.
It is unclear how much Lebedev will pay for the Standard, but the move could have dramatic implications for the paper's future editorial and commercial direction.
It is thought Lebedev's son, Evgeny, will today sign a deal with DMGT executives, led by DMGT chairman Lord Rothemere, for the paper, which has seen its circulation dramatically hit by its sister freesheet the London Lite and News International-owned thelondonpaper.
The purchase of the London paid-for title is likely to prompt DMGT to reassess the future of the London Lite, which since its launch has cannibalised sales of the Standard.
Lebedev, who is part owner of the Russian newspaper Novaya Gazeta, is a high-profile and controversial figure in Russia, where he has been an opposition figure to former President Vladimir Putin.
DMGT declined to comment.
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