Leeds United's Supporters Trust says it is in a position to make a proposal to buy the club, BBC Radio Leeds reports.
Leeds' relegation to League One is likely to be confirmed this weekend, barring an unlikely sequence of events.
The club are in major financial trouble but the supporters trust is said to be prepared to provide proof of funds.
One option for the club could be to enter administration before the end of this campaign to avoid a 10-point reduction at the start of next season.
Leeds go into their final game of the season at Derby three points off safety and with relegation rivals Hull holding a nine-goal advantage.