Real Mallorcaâ€™s president, Vicenc Grande, and his family recently put up for sale the 93 per cent of the club's shares which they own.
Several other investors, from Spain and overseas, are also believed to be interested in purchasing the Mallorca shares. Grande has said that he would prefer the club to remain under Spanish control, and that an overseas buyer would have to pay a premium.
Negotiations between Shepherd, his legal advisors, and Mallorca's legal advisers will reportedly open this week.
Mallorca finished seventh in La Liga last season, missing out on European qualification by a single point.