Crystal Palace are in the sights of Australian billionaire Frank Lowy.

Palace are currently in administration and reports this week suggested interest in the Championship club was drying up. However, London sources have told tribalfootball.com that Lowy is ready to buy Palace.

The Football Australia boss has a Westfield's shopping centre in London and his national team have used Palace's Selhurst Park as a training base when playing in Europe.

Lowy was linked with a move for Leeds United last week. However, it's understood Palace, under administration, are the bargain price club he is eyeing off.

He is expected to wait until the end of the season before moving, with Palace battling to beat relegation into League One.