The Odyssey Pavilion complex is set to get a new owner.
Two years after going in to administration Northern Ireland's biggest entertainment venue was put on the market in 2012.
It has been in the control of an Irish bank for several years.
The Dublin-based cinema operator Omniplex has said it has signed contracts with administrators KPMG.
The family-owned company primarily runs 11 cinemas on each side of the border.
The proposed purchase needs the approval of the Odyssey Trust before becoming final.
Paul Anderson, the NI operations director of Omniplex, said: "We have binding contracts with KPMG. It is something we are excited about."
In a change of appeal, Omniplex has said its focus is on family friendly venues and not on nightclubs.
"We want to invigorate it.
"It started off as a destination for Belfast and beyond.
"We want to get stuck into it and get it working.
"We are not in the business of nightclubs. We are not in the business of people falling out onto the streets at 2am," he said.