Coliseum Alfonso Pérez side is the latest team to fall into foreign ownership.
Getafe could become the Manchester City of Spain after the La Liga club was bought by the Royal Emirates Group for €90million (£80million).
The Dubai investment firm is chaired by Sheikh Butti Bin Suhail Al Maktoum has wanted to buy a football club for a long time.
It is believed he wants to rival Sheikh Mansour bin Zayed Al Nahyan, the owner of Manchester City, who has spent £391million on transfers since 2008.
The deal would be the third for a La Liga club involving a non-Spanish buyer in the past year following the sale of Malaga to a member of the Qatari royal family and the purchase of Racing Santander by an Indian businessman.
Royal Emirates Group said Dubai’s minister of culture, the Spanish ambassador and ‘many other corporate icons and members of the ruling family of Dubai’ would attend an event scheduled on Thursday to announce the deal.
“It is Getafe… we will announce it in a big way tomorrow,” Suleiman al Butti, project manager of Royal Emirates Group, told Reuters.
Royal Emirates said in statement the club would be named ‘Team Dubai’, although it was not clear whether that would become the team’s official name.
Getafe are currently 14th in La Liga with 37 points from 32 games and hovering just above the relegation zone.