The longtime owners of the Ocean View Restaurant & Tavern in Oak Bluffs are poised to sell to new owners in early January.

Town selectmen have approved the transfer of an all-alcohol license from the current owners, Ronald and Margaret Jackson, to Michael Santoro, a local restaurateur and a selectman.

The Jacksons have operated the downtown establishment for more than three decades.

Both parties have signed a purchase and sale agreement, Mr. Santoro confirmed Tuesday, though he said the closing will not likely take place until early January.

The Ocean View, a popular year-round restaurant and bar with a loyal following, overlooks Washington Park and the Oak Bluffs harbor.

Mr. Santoro said the Jacksons, who were not present at the liquor license transfer hearing before the selectmen Tuesday, have left big shoes to fill.

“It’s a great locale and it’s got a lot of tradition and I plan on keeping those traditions moving forward,” he said.

Mr. Santoro plans to add a few new items to the menu, but will mostly stick to the eatery’s traditional fare — American pub cuisine and seafood.

“I won’t touch the fish sandwich and I won’t touch the steak sandwich,” Mr. Santoro promised.

The Ocean View has long attracted a local crowd, which includes the members of the Vineyard Rotary Club, who host their meetings there every Wednesday at noon.

Mr. Santoro also runs the Lookout Tavern on Sea View avenue, another Oak Bluffs restaurant of which he is a part owner. He said the manager of that restaurant, Jennifer L. Toppin, will relocate to the Ocean View.

Selectman Walter Vail said he had heard concerns that the current Ocean View employees would lose their jobs as a result of the change of ownership. Mr. Santoro dismissed that talk.

“It would be foolish for me to go in there and turn it upside down,” he said. “Ron and Peg have done a good job; they are an institution.”

The restaurant measures 6,200 square feet, and contains two separate dining rooms as well as a lounge area, according to the liquor license application.

Mr. Santoro told his colleagues that he would likely conduct renovations down the road, but for now, the physical plant would remain the same.

“Right now, it’s turnkey, and when you walk in you will see the same people,” he said.