The 60-year-old is reportedly negotiating for the acquisition of as much as 53 percent of the company’s shares for 30 million euros.
According to a press statement issued by Euronews, the channel’s executive board has already endorsed the deal, which has yet to be approved by regulatory bodies.
"The arrival of Naguib Sawiris would be a tremendous asset to Euronews, as this investment would allow a quick implementation of our development plan, while maintaining our European public mission heritage," Euronews chairman Philippe Cayla said.
Established as a substitute for CNN in 1993, Euronews is currently owned by more than 10 European public broadcasters, including Russia's VGTRK, which has a 16.9-percent stake in the project.
Earlier, Sawiris slammed the bias of world news channels, saying a channel fails when it represent only one view.
He added that Euronews "should become an open window for all opinions", pledging that the channel would resist pressure from both the "repressive regimes" and those European politicians who urge international media to be a counterbalance to the Russian TV channel Russia Today.
A chief executive of the Egyptian mobile telecoms giant Orascom Telecom Media & Technology, Sawiris is the 3rd richest person in Egypt. His fortune totals 3.1 billion dollars, according to Forbes magazine.