Independent News & Media, the publisher of The Independent and Independent on Sunday, is currently thrashing out contractual details with Alexander Lebedev's team as it looks to seal a deal for the sale of the newspapers.
A well-placed source told Media Week "there is no reason why this deal can't be done", though with the 15 February deadline, when a period of exclusive talks are due to come to an end, just weeks away it is understood negotiations are not expected to be concluded before then.
Kelner, a former editor of the Independent, is understood to be a key figure handling the sale of the newspapers to Lebedev, who is looking to expand his UK newspaper ownership, which currently includes the London Evening Standard.
While Kelner is expected to land a key executive role, it is unclear whether Ivan Fallon, chief executive of the Independent and Independent on Sunday, will be employed under the new ownership.
Kelner, INM chief executive Gavin O'Reilly and finance director Andrew Round, are understood to have been involved in negotiations from the INM camp.
However, neither Alexander Lebedev, nor his son Evgeny, have been directly involved in finalising the deal, which has been entrusted to Lebedev's UK-based representative, Justin Byam Shaw, the chairman of the London Evening Standard.
Geordie Greig, the editor of the London Evening Standard, is also understood not to have been involved in the negotiations.
Key contractual matters which need to be thrashed out include: INM's contract with DMGT, which currently houses the papers and is sharing back office functions; the transfer of staff; and new printing contracts.
Separately, speculation continues to mount that Rod Liddle, the former 'Today' programme editor, will be appointed editor of the Independent should the sale go through.
Liddle, an outspoken and high-profile columnist, left the BBC in controversial fashion in 2002 after his Guardian column was deemed to have clashed with the corporation's impartially rules.
The current editor of the Independent is Roger Alton, who has been in the role since April 2008.
INM declined to comment. Lebedev was unavailable for comment.
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