Former Thai Prime Minister Thaksin Shinawatra has lodged a £81.6m formal takeover bid for Manchester City.
The City board said it intended to back the bid from UK Sports Investments, a vehicle indirectly controlled by Thaksin and his son and daughter.
But Thaksin will have to pass the Premier League's fit and proper person test before being able to complete the proposed takeover.
Thai prosecutors have recently filed corruption charges against Thaksin.
Thaksin's wife has also named in the case, which involves allegations of wrongdoing in a land deal.
BBC Sport revealed on Wednesday that Thaksin has offered the manager's role to ex-England boss Sven-Goran Eriksson.
Eriksson's agent Athole Still claimed reports that the Swede had held two rounds of talks with Thaksin's representatives were "total rubbish".
But BBC Sport understands an offer has been put to the Swede, dependant on the proposed takeover.
Sevilla coach Juande Ramos has strong support within the current City regime.
BBC Radio Five Live football correspondent Jonathan Legard said: "I am told that Eriksson has now been offered the job by Thaksin. Whether he takes over is another matter. He is thinking it over.
"I have also been told it is not as clear-cut as the proposal involving Claudio Ranieri."
It is understood there are other targets on Thaksin's list but Eriksson is the preferred option.
Ranieri was lined up to succeed Stuart Pearce, who was sacked as City boss on 14 May, but the former Chelsea boss opted to join Juventus instead.
Thaksin has been living abroad, mainly in London, since he was overthrown in a bloodless military coup last September.
He denies any wrongdoing and has said the moves against him are politically motivated.
606: DEBATE
Eriksson has been out of work since leaving his role as England coach after the World Cup quarter-final exit at the hands of Portugal in July 2006.
City fans gave a lukewarm reception to reports of Eriksson's possible arrival.
"The supporters are 70-30 against Eriksson," said Heidi Pickup of the Manchester City Supporters' Trust.
"He has a good record at club level but you cannot ignore all his mistakes with England. You would also have to ask whether he still has what it takes at club level because it has been several years since he last worked as a club manager.
"Personally, I would be disappointed. The whole situation smacks of desperation."
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