Sunderland have confirmed that talks have been held with Niall Quinn and his consortium about a possible takeover.
Quinn was in Dublin for talks with Sunderland's board
Chairman Bob Murray has indicated that he is keen to relinquish his reins after nearly 20 years at the club.
Stock Exchange rules mean Sunderland are unable to comment on the progress being made by the discussions.
But a spokesman told BBC Sport: "Talks between the board and Niall Quinn are ongoing, but because of the takeover code, we're unable to comment further."
The talks, which took place at the Great Southern Hotel near Dublin Airport, will come as good news to the Black Cats' fans who have been keen to find out developments on the saga which has been ongoing for the last two months.
The Irish consortium have been involved in the process of due diligence and if an offer is accepted by Murray, shareholders would have up to 21 days to make a decision.
The club would ideally like to have the situation cleared up by the time the players report back for pre-season training on 26 June.
Former Sunderland striker Quinn made almost 200 appearances for the club after joining from Manchester City in 1996 for £1.3m.