Former Birmingham City director Sammy Yu has reportedly identified Sheffield Wednesday as a potential purchase.
Yu is heading a consortium looking to buy the Owls from Milan Mandaric, according to BBC Radio Sheffield.
Mandaric, formerly the chairman at Portsmouth and Leicester City, took over at Hillsborough in December 2010, but recently said that he would be prepared to sell Wednesday.
"I said before if someone proper comes along and they are the right person for the club then I will step aside," he told BBC Radio Sheffield last month.
Wednesday begin the new Championship season with a trip to Queens Park Rangers on August 3.