And City's board have recommended to shareholders that the £81.6million offer should be accepted.
Should Shinawatra go on and see his plans come to fruition his first task will be to appoint a new manager.
Former England coach Sven-Goran Eriksson is believed to be in the running to succeed Stuart Pearce, who was dismissed at the end of the season after a disappointing campaign.
Shinawatra has already been pledged 55.9% of the club through shares owned by members of the board and former chairman Francis Lee.
He said: "I am delighted that the board of Manchester City has recommended my bid for the club.
"I look forward to continuing the excellent work of John Wardle and his team.
"We share a determination to take the club back to its rightful place at the highest level of competition in both the FA Premier League and European football.
"I am in no doubt of the responsibility associated with leading Manchester City and pledge to the fans, players and staff my utmost commitment to the future success of this great club.''
City chairman John Wardle will remain on the board if Shinawatra takes control while Alistair Mackintosh will stay as chief executive.
Wardle said: "Following our significant progress over the last few years, this offer provides an exciting opportunity to take Manchester City to the next stage of our development and deliver the on-field success we have all been striving for.
"I am delighted to have been asked to remain on the Board of the Club, together with chief executive Alistair Mackintosh, with whom I have enjoyed an excellent working relationship.
"I am equally as pleased that the management team, who have worked relentlessly during my time as chairman to bring about success off the field, will also remain.''
The move from Shinawatra comes despite Thai prosecutors filing corruption charges against him.
Thaksin's wife was also named in the case, which involves allegations of wrongdoing in a land deal.
The attorney general's office recommended that officials seize the 13.2 acre plot of land, valued at 772 million baht (£12 million).
The Thai Supreme Court will decide on July 10 if they will hear the case.
Thaksin has been living overseas since he was overthrown in a military coup in September while he was abroad.