Chinese businessman Kenny Huang has made an offer for Liverpool.
PA Sport says Huang hopes to force Liverpool co-owners Tom Hicks and George Gillett to finally sell up after making an offer to buy the debts of the club's major creditor Royal Bank of Scotland.
It is understood Huang, head of Hong Kong-based investment company QSL Sports Ltd, has been in talks with RBS for some time over repaying the £237million owed to them by the Reds.
Huang's advisors bypassed Liverpool's independent chairman Martin Broughton, brought in to oversee proceedings when Hicks and Gillett announced their decision to sell in April, in order to have a better bargaining position.
Buying RBS's debts would not give Huang immediate ownership of Liverpool but would, according to sources, afford him "a ridiculously large amount of leverage".
Such a deal would see the current owners leave the club without making any profit, having previously valued Liverpool at between £600million and £800million.