The deal is reportedly close to closing and an announcement is expected in mid April.
The Steak 'n Shake will be located in a shopping area in Centennial, just off of C-470 at South Quebec Street and East County Line Road.
It looks to be another big win for the City of Centennial, which is also close to opening Colorado's first IKEA store.
Steak 'n Shake is famous for its very thin hamburgers and its rich milkshakes, as well as its chili mac, chili three ways and a carryout service.
Steak 'n Shake's website says it is also opening a restaurant in Colorado Springs.
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