David Gold and David Sullivan are angry over the sudden interest of Cagliari president Massimo Cellino in West Ham United.
Cellino's emergence has infuriated Gold and Sullivan, who will almost certainly tell West Ham where to stick their offer.
A highly-placed Upton Park source told The Sun: "The club's Icelandic board and their agents are now playing a dangerous game.
"It's beginning to look as though they are being used and they are being pushed to the limits.
"It would be no surprise to see them pull out."