The Sheffield-based businessman is reportedly ready to inject around £4million in the League Two outfit while keeping hold of most of his shares in Championship club Sheffield Wednesday, providing the Football League rubber-stamp the switch.
"Dave's had an agreement with the Football League to check and see if he agrees to the conditions they they are laying down," Hubbard told his club's official website.
"As he has an investment at Sheffield Wednesday, there has to be a written consent from the Football League to allow him to have an investment in Chesterfield as well so that has been sent to him.
"He's read it, we've read it because it also affects Chesterfield as well, and we have made one or suggestions that may be altered a little bit and we've sent that back to the Football League. They've replied to say they've recieved it and they are looking at our amendments and hope to get back to us very quickly.
"I think we've got to a stage now that if we can agree with the terms and conditions the Football League have put onto Dave and the Football club then I think we're pretty sure Dave will be able to come."