Altrad also owns French Top 14 side Montpellier, but Gloucester have said the clubs would remain "independent".
His offer needs approval from European Professional Club Rugby (EPCR), World Rugby, the Rugby Football Union and French Rugby Federation.
Gloucester have said further talks with Altrad depend on receiving the consent.
Martin St Quinton has been sole owner of the Premiership club since February.
An EPCR statement said: "EPCR is committed to completing all of its due diligence regarding this matter and to assessing any potential risks to the integrity and image of its tournaments in which both clubs participate, by avoiding any potential conflict of interest."
Gloucester are eighth in the Premiership this season, but are top of their pool in the European Challenge Cup after winning all three of their opening games.
France-based businessman Mohed Altrad's bid to take majority ownership of Gloucester Rugby is being considered by European rugby's governing body.