Following relegation to League One, the Bairns are undergoing upheaval on and off the park.
Fifteen players have left or will be leaving the club, while Margaret Lang is stepping down from her role as chairwoman. In addition, shareholder Martin Ritchie will leave the board in July after stating his intention to quite.
The Scottish Sun report that Campbell, a stockbroker, is leading a US-Asian consortium to takeover the club, with talks having taking place with Falkirk shareholders.
Among the group of Falkirk shareholders, who hold 62 per cent, is Sandy Alexander, the businessman behind Schuh, who invested £2.5million to fund the third stand at the club's ground.
It is believed the consortium, with money from the Far East, are interested in the land around the stadium which is currently owned by Falkirk council.
They face competition with other bidders interested, including a fan-owned model. However, one businessman who is lining up a move for Falkirk failed to show for a meeting on Tuesday.
The takeover has added intrigue with the consortium's interest in Sunderland.
Campbell is leading a buyout of the English League One side with ex-Celtic recruitment supremo John Park eyed as a potential director of football.
If both clubs were to be taken over it could see Falkirk become a feeder club for Sunderland.