Ray Ranson has made a revised proposal to the Manchester City board with a view to mounting a takeover bid.
The club released a statement on Wednesday in which they expressed doubts about his initial proposals.
But in a statement to the Stock Exchange on Thursday, Ranson revealed a new proposal "with a view to making a possible offer for the club."
The statement added: "Ray would very much like to enter discussions with the board to discuss his proposal."
Man City has huge potential on and off the pitch
Ranson made contact with City through the club's bankers on Wednesday night and is now awaiting their official response.
City's reply to Ranson's initial plan stated: "Ray Ranson's indicative proposals contain a number of material conditions that the board do not believe can be fulfilled."
However, Ranson believes that his revised approach address the club's concerns.
"Ray believes that this revised proposal (which Ray has been ready to submit for a number of days subject to the completion of an initial review of certain due diligence information) addresses the club's stated concerns about conditionality," said the Ranson statement.
Ranson is believed to be competing with former Thailand Prime Minister Thaksin Shinawatra, plus an American consortium, in the battle to take over at City.
And he outlined his ambitions for the club when he told the Manchester Evening News: "City has huge potential on and off the pitch.
"This bid is not a spur-of-the moment thing but has been a long-term ambition of mine since my playing days.
"I first contacted City in 2004, long before I was associated with a move for
Aston Villa. Now I have the financial backing to be successful.
"City have huge potential, on and off the pitch. I believe I am in a unique
position to drive that forward having played the game at the top level and then never left it.
"My business is football. The timing of any takeover has to be right. We are keen to conclude a deal as soon as possible."