The Paisley club has been up for sale for the last four years, following a 52 per cent majority stake in the club being created by a number of directors amalgamating their shareholdings.
Although the club has been the subject of interest, and a number of potential takeover bids mooted - including a community buyout led by current chairman Stewart Gilmour - the club is still up for grabs, and a deal could be completed that would see St Mirren handed over before the end of the current season.
Methven worked with current Buddies boss Danny Lennon during his time at Cowdenbeath, and it is thought his arrival could strengthen Lennon’s chances of retaining his role at the club.
Methven was chairman of Cowdenbeath between 2008 and 2009, where he worked closely with the Brewster brothers, who bought the club in 2007 and planned to sell Central Park. Although a move to a purpose-built facility in the town was mentioned, that deal never materialised, and Methven eventually resigned, citing personal reasons.
Although a deal is believed to be nearing completion, there is still interest from a Swiss group, who have been in negotiations since 2012 to buy the club.