Contracts were exchanged on Tuesday and the deal should be completed within the next fortnight.
It will give Palace's inspirational manager Steve Coppell £3 million to spend on new blood. He will also seek to agree new contracts with star youngsters Clinton Morrison and Hayden Mullins.
Administrator Simon Patterson, who has been at Selhurst Park since March 1999, refused to shed light on the identity of Jerry Lim but dismissed reports that he was Malaysian.
"We hope the deal will be completed by the end of May but it's all been signed," he said. "It is similar to buying a house and this is the exchange of contracts."
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