Former deputy Russian transport minister Viktor Olersky is taking over Finland's Arctech Helsinki Shipyard.
The Kommersant daily said the tycoon is teaming up with Rishat Bagautdinov, who co-owns cruiseship company Vodohod and cargoship owner Pola Group.
They will pay cash and hand over Nevsky Shipyard to the seller, Russian state holding company United Shipbuilding Corporation (USC).
USC owns 100% of the yard, but it is thought US sanctions against Russia will make it hard for it to secure financing for cruiseship newbuildings.
The agreement could close at the end of the year, sources told the newspaper.
USC head Alexei Rakhmanov had said on Tuesday that a deal was at its final stage.
Olersky and USC declined to comment, while Kommersant was unable to reach Bagautdinov.
A representative of the industry and trade ministry said that USC had been in talks with Russian investors since August.
USC bought out partner STX Finland's 50% holding in the yard in 2015, taking 100% control.
Arctech is an icebreaker specialist with a products tanker for Dynacom on its books.
