Russian businessman Alisher Usmanov wants to buy Arsenal and has launched a £1billion bid to acquire majority shareholder's Stan Kroenke's 67% stake in the club.
The 63-year-old currently owns 30% of the club through Red & White Holdings and it is understood a formal bid was made for Kroenke's shares but it is believed the American is expected to reject the offer.
Usmanov has been a shareholder at the Premier League club since 2007 and upped his stake from 14.6% to 30% when he bought out Farhad Moshiri in 2016.
He has a fractious relationship with Kroenke and last month he claimed that the club's issues should not be placed solely at the door of manager Arsene Wenger.
"I do not think that the coach alone is to be blamed for what is happening," he told Bloomberg - adding that the board, and main shareholder (Kroenke) "bear huge responsibility."
The Gunners face a multi-million pound drop in revenue if they fail to qualify for next season's Champions League.
They face Everton in the final round of Premier League matches on Sunday and need to win, with other results going their way, if they are to finish in the top four.
Despite the prospect of making a large profit, Kroenke appears to not want to sell.
That does not mean Usmanov has been put off and he could yet return with an increased bid - with Forbes currently listing his wealth at £11.2bn.
Former Arsenal striker Ian Wright says something has to change at the club.
"He (Usmanov) has put in the bid and it is great news," Wright told the BBC.
"Something has to change, whether it is the manager Arsene Wenger or whether it is the board upstairs.
"It is not looking good at the moment. They may be out of the Champions League - something they are not used to - and they have to beat one of the best Chelsea sides I have seen for a long time in the FA Cup final to try and get something from the season."
