The 48-year-old Larvin, a former junior player with the Robins, is thought to be ready to plough up to £15million into the club to transform their fortunes.
Larvin told the Hull Daily Mail that talks are in the final stages and that he is in the process of transferring the first instalment of £5m into Hull KR's account, which would immediately clear their debt of around £2m.
In a statement, the club said: "In light of recent coverage in the media we can confirm that club representatives have met with Tony Larvin regarding a substantial investment in Hull Kingston Rovers.
"Those meetings took place prior to Christmas and again earlier this week.
"At this stage there will be no further comment until such time as the necessary proof of funds has been delivered to the club."
If the deal goes through, Larvin will take full financial control, with chairman Neil Hudgell and vice-chairman Rob Crossland remaining on the board but no longer needing to bankroll the club.
- Sports & Recreation