The bid is speculated to be valued at more than $1 billion for the rights to broadcast tests and the high-rating Twenty20 Big Bash League.
Seven said: “Contracts are being finalised but are not yet signed. A full announcement will be made on signing this afternoon”
Nine Entertainment (ASX:NEX), which owns the Nine Network, also bid for the broadcast rights but lost out.
Nine recently entered into an agreement with Tennis Australia for rights to all premium tennis played in Australia for the 2020 to 2024 seasons.
Cricket's move to Seven and Foxtel, coupled with Nine picking up tennis, is one of the most significant shifts in Australian sports broadcasting history.