The deal with SoftBank has been a fixture of board talks in recent weeks.
The investment group could put as much as $10 billion into the company, according to people familiar with the matter, depending on how many investors decide to sell.
But talks have bogged down over the price SoftBank will seek, as it could be at a valuation about 25% lower than Uber’s most recent valuation of $68 billion, the people say.
As part of the planned total investment, the consortium plans a direct investment of between $1 billion and $1.25 billion at the $68 billion valuation, and would be granted two board seats if the deal goes through.
Uber is digging itself out from a series of corporate scandals and board infighting.
The ride-hailing firm is still dealing with the fallout from a former software engineer’s charges of sexism and sexual harassment, as well as several federal probes into its operations.