Express Newspapers owner Richard Desmond is to donate £300,000 to Ukip, according to Sky News.
The multi-millionaire, who owns the Daily Express, has reportedly pledged the money to help Ukip leader Nigel Farage ahead of the 2015 General Election next May.
The pair met to discuss the donation earlier in the month.
The Daily Express, which has a print circulation of more than 480,000, has been supportive of the anti-mass immigration and Eurosceptic Ukip message.
"Farage's message is hugely popular across Britain. Huge numbers of people are sick of the European Union (EU), sick of mass immigration and sick of a political elite that refuses to listen to the electorate," a November leader for the paper read.
Desmond appointed Lord Stevens, a Ukip peer and former chairman of Express Newspapers, as his company's deputy chairman in October.
Patrick O'Flynn, a Ukip MEP for the East of England, previously worked as political editor for the Daily Express.
The reported donation from Desmond comes after millionaire businessman Paul Sykes gave Ukip an additional £1.5m ($2.3m, €1.8m) earlier in the year to help the party ahead of next may.
A spokesperson for Ukip told IBTimes UK that the party does not discuss donations.
"If we receive donations we report them to the Electoral Commission in accordance with legislation," the spokesperson said.
Northern and Shell, Desmond's company, had not responded to a request for comment at the time of publication.
Through his Northern & Shell holding company, Mr Desmond also owns the Daily Star and its Sunday sister title, and a portfolio of adult-TV channels.