A consortium based in Yorkshire has reportedly tabled an offer to Leeds United's owners GFH Capital to take a controlling stake in the club.
The offer has been made by an unnamed group to take a 51% share of the club with a view to a phased buyout, according to BBC Radio Leeds.
GFH Capital are an investment bank based in Dubai that completed a full takeover at Elland Road in December after buying out Ken Bates for a reported fee of £52m.
Bates remains chairman under the deal's terms and is due to take over as club president at the end of the season.
News of a fresh bid from a third party will increase speculation that manager Neil Warnock may leave Leeds when his current contract expires in May.