Rebecca Ellison, the mother of their three children Lorenz, 11, Tate, nine, and Tia, six, passed away in 2015 from cancer when she was just 34.
According to the Mirror, Rio, 39, has accepted an offer of just under £3million for the house in Alderley Edge, Cheshire.
The seven bedroom home first went on the market four years ago at £4.5million.
Last year former Towie star Kate moved into Rio’s luxurious new home and has taken on the role of step-mum.
The 26-year-old gave up life in the limelight to look after the football commentator’s kids and while it was hard at first, she now can’t imagine her life without them.
Speaking to the MailOnline, she admitted recently: “It is challenging but it's just as amazing.
"It was always going to be a hard job, it was never going to be easy but I love it and I couldn't imagine life without the three children.”
Kate, who is currently looking after the brood while Rio is off in Russia for the World Cup, added: “I think it was the right decision to leave the spotlight when I came into the family, I don't think it would have been right on the children as I had to get to know the kids.”
Meanwhile Rio has revealed his kids really want him to marry Kate – but the couple recently denied they were already engaged after the reality star was seen wearing a ring.
The Sun Online has contacted Rio's rep for comment.
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