The removal of the Royal Navy's former flagship from service in 2011, five years early, was a "difficult but necessary decision", the Ministry of Defence has said.
An announcement on its future will be made in Parliament tomorrow, the BBC reported.
More details about the deal are expected to be released during that announcement, it said.
Sister ship HMS Invincible was also sold for scrap last year to a Turkish scrap metal firm.
The Ark Royal - which was in service for 25 years - was put up for sale on the Ministry of Defence's edisposals.
Com website, which sells off kit to raise money to equip the armed forces with everything from aircraft to clothing.
The ship, which led the UK's naval forces during the invasion of Iraq, is the fifth vessel to carry the name - the first saw battle in 1588 against the Spanish Armada.
The Ark Royal has been docked at Portsmouth Naval Base since it was decommissioned.
One of the unsuccessful proposals had been to strip and sink the carrier for a diving site, put forward by Torbay- based dive group Wreck the World.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.