Ratcliffe is keen to offload the Ligue 1 club, as Ineos seek to reshuffle their portfolio.
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Due to Nice's success, Ineos have been looking for a buyer due to UEFA's laws over multi-club ownership.
Nice have been on the market for two years, but no serious offer has been received.
A valuation of €150m has been cut, reports French football journalist Romain Molina, though the new price is yet to be made public.
Nice currently sit 15th on the Ligue 1 table.