Eggert Magnusson is planning a shock return to West Ham United.

The Sun says Hammers' non-executive chairman Andrew Bernhardt, who only took over in June, is already aware of Magnusson's interest in an Upton Park return.

The man dubbed Eggy by fans took most of the blame for West Ham's financial nightmare.

Yet the Icelandic biscuit baron feels that he is a scapegoat.

He believes the real blame for the club's meltdown lies with former owner Bjorgolfur Gudmundsson, whose Icelandic banking empire collapsed in the recession.

Magnusson retains a deep fondness for West Ham and is prepared to step in and 'rescue' them - but at nowhere near the current £100million price tag being touted.

The club is also talking to two other rival groups - one from Asia, the other American.

CB Holdings are largely owned by Icelandic bank Straumur, of which Bernhardt is a senior director.

Magnusson, 62, is a former president of the Icelandic FA and still lives in London.