It is understood that negotiations and a deal to secure the club's long-term future and a successor following his 25 years at the helm have taken place.
Tuffins and Montgomery Waters boss Paul Delves, who was appointed to Town’s board of directors just before the Covid-19 pandemic and became Wycherley’s vice-chairman in the summer, is expected to purchase the League One club and complete a takeover.
A statement released by the club said: "Following recent press speculation of a possible takeover at Shrewsbury Town Football Club, chairman Roland Wycherley MBE would like to dismiss any talk of an imminent takeover but would confirm that for many years he has looked to secure the safe long-term future of the football club.
"After 25 years at the helm, guiding the club from the Gay Meadow to the all-purpose built stadium at Oteley Road, the formation of the club’s training ground and ensuring the financial sustainability of the club, this is obviously a vitally important and significant decision for the chairman in considering his successor for a club he has devoted his life to.
"Naturally, given his commitment and affinity to the club, the chairman has always considered the future of the club and the importance of any decision for the club long-term. However, this does not mean that any decisions are close to being made.
"The club will be making no further comment at this time."