It is understood he would pay £600m for the stadium and the FA will continue to run the £300m-valued Club Wembley hospitality business.
"We can confirm that the FA has received an offer to buy Wembley Stadium", an FA statement read.The shock proposal was put before the full board of the domestic game´s governing body on Thursday.
As well as looking to get Sky Bet Championship promotion-chasers Fulham back into the Premier League, Pakistan-born American Khan is also determined to keep JacksonvilleJaguars ahead of the game in the NFL.
BC-SOC-Wembley-Future, 2nd Ld-Writethru, 474Jaguars owner Shahid Khan makes offer to buy Wembley StadiumAP Photo LON109, LON110Eds: Updates with more detail, quotes.
The Evening Standard reported Khan offered more than 500 million pounds (about $700 million) for the stadium.
The FA offices will still remain at the Wembley site and continuously serve as the administrative headquarters of the game in England.
Khan, who sports a luxuriant moustache that would not disgrace a Pakistani general, has promised to be a good citizen and said that "should we be fortunate to close on the purchase. the spirit and essence of Wembley would be unchanged".
"While we welcome the statement from Shahid Khan that his bid for Wembley is separate to his ownership of Fulham, it nevertheless raises a series of questions".
He said: 'Wembley Stadium would return to private ownership and the Football Association would be able to focus on its core mission of developing players with the best player developers and facilities anywhere in the game, thanks in part to the vast financial benefit that would result from the transaction.
The FA is believed to be considering using the proceeds of any sale to fund investment in grassroots football.
But for a ground officially known right now as "Wembley Stadium connected by EE" that's maybe not such a leap.
Alfie Crow, Jaguars fan and editor of Big Cat Country, a blog covering the Jaguars, downplayed suggestions that the deal could herald a permanent move to London for the National Football League team.
"For the Jaguars", he said, acquiring Wembley "would deliver another - and very significant - asset and local revenue source that would further strengthen our investment in London, which as everyone knows is crucial to the Jaguars' continued sustainability in Jacksonville".
Earlier this year, the English Football Association revealed that it would officially finish repaying the sizeable loan needed to build Wembley by 2024.
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