Coventry have confirmed that financier Jojar Dhinsa has formally stated his intention to buy the club within weeks.
Dhinsa first revealed his interest in Coventry in April
Dhinsa, who was born in Coventry and is chief executive of the Reading-based Athlone Group, sent an email to Sky Blues chairman Mike McGinnity.
It said: "Our timeframe for this bid is approximately two weeks - ie: end of November 2004.
"I sincerely hope that we can work something out and get CCFC back into the Premiership."
Dhinsa first revealed his interest in Coventry in April.
McGinnity criticised the 29-year-old at the time for going public on the matter, and challenged him to provide concrete evidence of his ambitions.