The announcement on Tuesday evening comes more than a year after the airline entered voluntary administration.
Air T - which operates a number of aviation businesses in the US - has entered a sale and implementation deed with EY, the administrators of Rex.
"The sale and implementation deed is subject to customary conditions precedent for a transaction of this type including receipt of regulatory approvals and approval by creditors," the administrators' announcement said.
The estimated return to the airline's creditors is being determined.
No return to shareholders is expected and the company is no longer listed on the Australian Securities Exchange.
The federal government has been propping up the airline to ensure regional and remote communities remain serviced, buying $50 million in debt and loaning up to $80 million.
Transport Minister Catherine King said Tuesday's announcement marked a positive step to bringing the airline out of voluntary administration.
The government has also entered an agreement with Air T around the restructure of financing arrangements in connection with the acquisition.
"This will allow Rex to keep flying and maintain critical aviation links for regional communities," Ms King said.
Rex went into voluntary administration in July 2024, after a failed bid to compete with rival airlines on capital city routes.
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