Roma have confirmed they are in negotiations with The Friedkin Group over a reported €780million ($873m) takeover but the Serie A club denied an agreement has been finalised.

Reports in Italy on Sunday suggested Giallorossi president James Pallotta has agreed to sell his majority share to the Texas-based consortium, led by billionaire chairman Dan Friedkin.

But capital club Roma issued a statement insisting "no definitive agreements" have been formalised.

The Friedkin Group's acquisition of the team "remains subject to a successful completion of legal due diligence upon the AS Roma Group," the statement said.

Boston-born Pallotta, who became president in 2012, is said to have spent several months searching for a buyer.

He apologised for a "complete disaster" of a season after Roma finished sixth in Serie A last term and has been frustrated in his attempts to move forward with plans for a new stadium.

On-field results have improved since Paulo Fonseca took charge as head coach in June, the former Shakhtar Donetsk boss having guided Roma to fourth at the mid-season break.