The former AC Milan, Chelsea and Brazil forward is part of a consortium, Sports Alpha Capital, preparing to buy a majority stake in the League Two club, after the deal received sign-off from both the Independent Football Regulator and the English Football League.
Pato is listed among SAC's investors alongside Gemcorp Capital, a London-based independent investment management firm, though the exact size of his own stake has not been disclosed.
Northampton chairman Kelvin Thomas said the approval marked a significant step forward after months of scrutiny.
"The successful completion of both the IFR and EFL processes represents an important milestone for the club and should provide supporters and stakeholders with further confidence in the proposed investment and the foundations being put in place for the club's future," he said.
"This has been a detailed and rigorous process, involving significant scrutiny of the proposed investment, the ownership structure, financial sustainability and the suitability and financial standing of those involved.
"We would like to thank both the EFL and the IFR for their professionalism, diligence and thoroughness throughout their respective processes."
Thomas added that a number of the investors had already visited the club and attended matches during the approval process.
"During this time, we have also enjoyed getting to know the investors and principals behind Sports Alpha Capital and are excited about what they can bring to Northampton Town," he said.
"They will bring a strong blend of football, corporate and financial expertise to the club and with significant Brazilian representation within the group we also hope they might bring a little Brazilian excitement and flair with them.
"Now the regulatory processes have been completed we move towards completing the remaining documentation and finalising the investment. Full details regarding the investment, structure and the principal investors involved will be announced upon completion."
SAC had previously been in discussions over a takeover of Colchester United earlier this year before pulling out following initial talks. Pato retired from playing in 2023 at the age of 33, best remembered for a five-and-a-half-year spell at AC Milan in which he scored 63 goals in 150 appearances and won the Serie A title in 2011, having first made his name at Internacional in Brazil.
He also had a brief loan spell at Chelsea in 2016, making two Premier League appearances and scoring once, and won 27 caps for Brazil.