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Leeds United Chairman says he will sell club to the fans
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The Italian, who is currently appealing against a Football League ban, met with fans on Friday.
He said he would sell his majority share, without making a profit.
He told BBC Radio Leeds: "100% I will sell to the fans, if they want to buy it and look after the club. The fans are the only asset the club has."
Leeds Fans United launched in April with the aim of buying a minority stake in the club and securing representation on the board.
They tweeted: "Leeds Fans Utd has today reached agreement in principle with Massimo Cellino to purchase a majority stake in Leeds United Football Club."
Many supporters called on Cellino - who took over at Leeds since 2014 - to leave Elland Road after a 2-0 home defeat by Blackburn on Thursday left them 18th in the Championship.
United would be the highest placed English club to be owned by their fans.
Cellino had told The Times earlier this week that his tenure at the Yorkshire club had been "a nightmare".
He added: "I'm sad and embarrassed. My dream was to do my best but I've achieved nothing and family aren't even with me.
"I'm trying to protect the club but at the same time it means I have exposed myself. The result is that the fans say 'Massimo it's time to go'.
"So I ask myself what am I doing here? The Football League say I'm dishonest.
"It's a weird feeling. I thought I could do better but the pressure is too much."
PK