Former Sunderland striker Niall Quinn remains hopeful of securing the funds to try to buy the club before the end of the season, BBC Sport understands.
The former Republic of Ireland striker has yet to approach Black Cats chairman Bob Murray about a deal.
But the 39-year-old is continuing his attempts to put together a consortium that could come up with the money needed to take control of the club.
Murray has admitted he is willing to sell - if the right offer comes along.
The chairman and majority shareholder has come under severe pressure from fans of the club, which has debts of around £40m and is rooted to the foot of the Premiership.
While any takeover seems to be in the early stages, Quinn is hopeful of coming up with the funds in time to gain control before the start of next season.
He was a hugely popular figure during his six-year spell at the club, during which time Sunderland twice finished seventh in the Premiership.
The former Arsenal and Manchester City star was handed a testimonial by the Wearsiders and donated the entire proceeds to charity, leading to a wing at Sunderland Royal Hospital being named after him.
He once said: "I learned my trade at Arsenal, became a footballer at Manchester City but Sunderland got under my skin. It hurt me deeply to leave."
Sunderland coy on Quinn reports
Quinn has remained close to the club since leaving and continues to enjoy a good relationship with Murray, although he is thought to be keen to start with a clean slate - should his takeover prove successful.
He has also been linked with a management role at Sunderland, who sacked coach Mick McCarthy in March and put Kevin Ball in temporary charge of the team.
But, although the former Republic of Ireland forward has taken some of his Uefa coaching badges, he has previously shown little interest in a move into management.
Quinn has forged a career as a successful television pundit as well as writing a weekly column for a national newspaper, but is unable to comment on his plans because he has signed a confidentiality agreement.
Sunderland confirmed last week they have had no offers for the club.