Leeds owners GFH Capital say they have rejected an offer for a majority stake in the Championship club.
BBC Radio Leeds understands a Yorkshire-based consortium tabled a bid for an 51% initial share with a view to a phased buy-out.
The identity of the consortium members has not been disclosed.
GFH Capital, a Dubai-based investment bank, completed a full takeover of the Elland Road club from Ken Bates for a reported £52m in December.
"As can be expected with a club as fantastic as Leeds United, since our acquisition we have received several offers to invest in the club alongside us," GFH Capital said in a statement.
"The most recent offer was for a majority stake and has not been accepted.
"Although we continue to seek strategic investors, we will only bring on board those who we feel can make a positive contribution to the sustainable success of Leeds United."