Cellino's attempt to buy the Yorkshire club was stalled by a bid from a group of businessmen by the name 'Together Leeds', however a purchase attempt from the latter has seemingly fallen by the wayside.
The Italian businessman's purchase of a 75 per cent stake of Leeds is awaiting approval from the Football League.
Cellino's sale of Cagliari is quite momentous as he owned the Serie A outfit for 22 years.
The Miami resident confirmed the sale of Cagliari was in the hands of his lawyers and the new owners, in text messages to Italian newspaper Corriere dello Sport.
"For 22 years I dreamed the impossible," he said.
"I am a poor romantic dreamer, excuse me if I didn't succeed.
"I have practically sold Cagliari and the buyers' lawyers are securing the go-ahead from the authorities. They are good people but I'm worried they will baulk at our sad reality. Good night."
Leeds has been the centre of farce of late, with manager Brian McDermott reportedly sacked, before getting a reprieve.
McDermott said on Friday night he had been relieved of his duties, but come Saturday, he got a call saying that was not the case.
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