Manchester City are in "advanced discussions" that could lead to an offer being made for the club.
City are to release a statement to the Stock Exchange on Tuesday, stating that talks held with "interested parties may or may not lead to an offer".
Ex-Thailand Prime Minister Thaksin Shinawatra is reported to have lodged a formal bid for the club.
And the Premiership outfit has also been linked with a buy-out from American investors.
But former City player Ray Ranson is understood to have withdrawn his bid to buy the club.
City's statement comes on the day that Claudio Ranieri - strongly linked with the managerial vacancy at the club - was appointed boss of Italian side Juventus.
Ranieri was thought to be the favoured choice of Shinawatra and the two men met in London last Wednesday - but the delay over the takeover led the Italian to opt for Juve.
"It was difficult to say no to the big project at Manchester City - but the team have not been taken over yet and for me I cannot wait for one week more," said Ranieri.
Shinawatra's lawyer Noppadon Pattama said in May: "Thaksin has officially submitted his bid to buy the football club.
"There is not any official conclusion yet at this moment, but everything is proceeding well. By the end of this month, everything will be clear."
But the issue has dragged on, with paperwork now being handled by Shinawatra's lawyers.
City chairman John Wardle, who along with business partner David Makin has a 29% stake on the club, is thought to be supportive of Shinawatra's interest.
Wardle is thought to have a cut-off date after which he believes it will no longer be in the club's short-term interests to further delay signing new players but it is not thought to be imminent.