David Dein is being linked with a dramatic return to Arsenal.
Uzbek billionaire Alisher Usmanov is now Arsenal's largest shareholder after taking his stake in the club to 24.2 per cent.
The Sun says if he succeeds in taking control at the Emirates, former vice-chairman Dein will return.
Yet the pair still face fierce resistance from the current board, who insist they are not interested in selling.
Usmanov, worth £3billion, bought Dein's 14.9 per cent holding last year for £75million.
He has since been steadily grabbing more shares and last week increased his holding to 24 per cent. Yesterday, he bought another small batch to overtake Fiszman, who has 24.11 per cent.
If the Russian's stake reaches 30 per cent, he will have to launch a formal takeover approach.