A consortium headed by Graeme Souness has made a written offer for Championship side Wolves, following up its £20m verbal offer last week.
Souness was a guest at Wolves on New Year's Day
A statement released by Souness said: "Myself and my partners - all of whom are UK-born and based - made a written offer which is being considered.
"Both parties have agreed to keep these negotiations confidential."
Wolves chief executive Jez Moxey confirmed he had received the offer from Souness to buy the club.
Souness refused to identify his main backer, but told the Express & Star newspaper: "He is a British businessman with British-based interests.
"We believe we put together a plan for Wolves that is exciting and which supporters would find appealing."
Souness has been out of football since being sacked by the Magpies in February 2006.
He has been linked with a return to management at Crystal Palace but he has instead turned his attentions to a £20m Molineux buy-out - the figure that Hayward recently put on the Championship outfit.
Souness attended Wolves' game against Barnsley at Molineux on New Year's Day as a guest of the club after meeting Moxey on a flight back from Florida.