The iconic Wembley Stadium, known as the home of English soccer, could be sold to U.S. billionaire Shahid Khan for 600 million pounds ($790.4 million) — if the deal gets full support within the Football Association of England, according to the Financial Times.

The association and Khan have agreed to a deal "in recent days," the FT reported on Wednesday, citing several people familiar with the matter. The sale needs approval from the association's 10-member board on Thursday to proceed, but a small number of members have yet to indicate support, according to the report.

While the deal makes economic sense, some board members "may be voting with pure emotion" to prevent the sale from going through, according to the FT report.

The association didn't immediately reply to CNBC's request for comment. The FT reported that the association declined to comment.

Khan has been in talks to buy Wembley Stadium from the association since April. The Pakistani-American billionaire owns West London soccer side Fulham and the Jacksonville Jaguars NFL football team.

For the full report on Wembley Stadium's potential sale, read the Financial Times.

— CNBC's Adam Reed contributed to this report.