The American, who owns 67 per cent of the club, has put forward a deal - published via the London Stock Exhange - that will see him buy the remainder of the club's shares.
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In a statement, Usmanov said: "I have chose to sell my shares in Arsenal Football Club which could be the best football club in the world".
He said on Tuesday he had now received an irrevocable undertaking from Usmanov to sell his 30 percent stake and would buy out the remaining independent shareholders at 29,000 pounds per share.
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He was officially revealed to own the largest stake in the club in February 2008 with 24 percent, but at the time insisted he had no plans to increase his holdings and by 2011 Kroenke owned nearly two thirds of the Gunners.
Arsenal have not won the English Premier League since an unbeaten campaign in 2004.
When Kroenke assumes full control of Arsenal, he would be able to remove as much of the roughly £300m cash from the club as he might wish.
KSE is the holding company of a number of major sports teams including the Los Angeles Rams of the NFL, Denver Nuggets of the NBA, NHL side Colorado Avalanche and Colorado Rapids of the MLS.
The bid will be part funded by a 557 million pound loan from Deutsche Bank.
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"The most terrible part of this announcement is the news that Kroenke plans to forcibly purchase the shares held by Arsenal fans", the Trust said.
With Arsene Wenger departing after more than 20 years from the Arsenal manager's seat and being replace by Unai Emery, Gunners fans would have been hoping for relative calm before the start of the new season.
"We appreciate Usmanov's dedication to the Arsenal Football Club and the storied ethos and history the club represents".
But though Kronke has said the takeover will help the men's senior team compete for titles, the Arsenal Supporters' Trust (AST) has described the announcement as "a awful day" for the north London side.
Kroenke is competing against the billionaire owners of other Premier League clubs such as Chelsea's Roman Abramovich, Manchester United's Glazer family and Sheikh Mansour of Abu Dhabi, who owns last season's runaway winners, Manchester City. "The AST is wholly against this takeover which marks a very sad day for Arsenal Football Club".
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