Mokoena has stepped in to save the team he used to work for as a marketing manager, with a deal believed to be agreed pending confirmation from the club.
Tim Sukazi had been looking to purchase the club's status and even put up the funds for a deal but appears to have softened his stance following the interest from Free State-born Mokoena.
Contacted for comment, Sukazi referred to an interview he gave to Robert Marawa on Monday in which he stated that he would prefer to give investors from the province the first option to rescue the club.
The news will be a relief to Siwelele supporters, who were concerned about Sukazi's plans to move the club to Mpumalanga.
This website has now been informed that Celtic were locked in talks with Mokoena on Tuesday to finalise the details of the sponsorship.
"There was a meeting on Tuesday to finalise a R40-million sponsorship deal, the club will make an announcement soon," the source tells snl24.com/kickoff.
"Mokoena is coming in to help the club deal with their financial challenges, which have been going on for years, and he is ready for that challenge."
Celtic CEO Khumbulani Konco was not available for comment.