Italian-American media magnate Rocco Commisso is reported to be in talks to purchase Serie A outfit Fiorentina after the go-ahead was given on Saturday to sell the club.

"During today's meeting of the Board of Directors, the Della Valle family announced the existence of negotiations, currently underway, to sell the club which if it were to go through, would guarantee Fiorentina a new group of shareholders as soon as possible," the club said in a statement.

"Considering this announcement, the Board of Directors in its entirety have handed over its mandate to the owners."

Fiorentina, which finished 16th in Italy's top flight this past season, is owned by the Della Valle family, which includes entrepreneur Diego Della Valle, who controls luxury group Tod's.

Paolo Panerai, a member of the Fiorentina board, confirmed after the meeting talks were underway with Commisso.

"Della Valle said clearly that he was leaving," Panerai said, Gazzetta Dello Sport reported.

"A suitable buyer said he is in negotiations, there is no need for me to tell you that he is Commisso."

Commisso was born in Calabria but moved to the United States as a boy.

The 69-year-old is chairman of cable television provider Mediacom group, and owns New York Cosmos soccer club.

Fiorentina narrowly avoided relegation this past season, finishing just three points above the drop zone.

Della Valle purchased the Tuscany club in 2002 after the former two-time Serie A winners went bankrupt and were relegated.

Their last title was a sixth Coppa Italia in 2001.