Cala, 56, will purchase Abdulrahman Al-Hashemi's stake in G50 Holdings, the holding company that owns the Shrimps.
Cala also said interim finance to pay unpaid wages and bills to creditors will be received no later than Tuesday.
In September, Brazilian businessman Diego Lemos purchased a controlling stake in the Shrimps.
But the club say they have not seen or heard from him in 10 weeks, and Companies House records show that 99% of the shares in G50 Holdings, which he used to purchase the club, were transferred to tax consultant Graham Burnard on 11 January.
Asked by BBC Radio Lancashire who currently controls Morecambe Football Club, director Rob Taylor said: "That's fairly simple, it's G50. In my mind, there's no doubt.
"Who is in control of G50? I'm not 100% sure."
Al-Hashemi returned to the club earlier this week, having resigned in November accusing Lemos of misleading him over funds.
Cala, who tried unsuccessfully to buy Portsmouth in 2012, still needs to pass the English Football League's fit and proper persons test.
He owned Italian club Salernitana in February 2011, but left the club after 11 days after failing to pay bills.
If his takeover is completed, the current board at Morecambe will resign and be replaced by four new directors.
In an interview with BBC Radio Lancashire, Cala said that if he became owner "90% of the turnover would be invested on the pitch. Period."
EFL rules state League Two clubs can spend a maximum of 55% of turnover and 100% of Football Fortune income - prize money and other income separate to recurring turnover - on player wages.
US-based Italian businessman Joseph Cala has agreed to buy a controlling stake in the League Two club, days after he pulled out of a deal.