Sir Jim Ratcliffe is planning to bid for Manchester United after the Glazers formally put the club on the market, it is being reported today.
The entrepreneur, one of Britain's richest men and a United fan, had been the first billionaire to declare interest in buying the club in the summer, when rumours of a potential sale first surfaced.
The chief executive of chemicals group Ineos is now expected to table a fresh approach, although he is wary about overpaying as insiders suggest the Glazers are looking for a price comfortably in excess of £5billion.
The Telegraph says Sir Jim previously contacted the Glazers in August, but concluded at the time that a deal appeared unlikely.
He also has experience dealing with Raine Group, the broker which had been handling the offers process for Chelsea FC and has been instructed by United.
There is believed to be concern that Raine may be pushing for a price beyond United's natural value.
Enormous potential
There have been estimates in recent months that the Glazers - whose ownership has seen gradual decline on the pitch and triggered mass protests by fans - could seek as much as £8billion or £9billion for United, but sources would only say: "This is a club that has enormous potential."
It comes as David Beckham is understood to be interested in joining a consortium to buy the club.
Sir Jim's renewed interest in buying United, having supported them since boyhood and attended the 1999 Champions League final, is said to be serious.
But sources close to the businessman point out that he always puts business logic before passion.
Sir Jim said earlier this year that Ineos would have been interested in the Glazers-owned club should it come up for sale.
But he later revealed he had been told that United were not for sale.
Potential sale actively explored
Sources have told the Telegraph, however, that the owners have been actively exploring the potential sale of United since the summer.
United's share price increased for a second day on Wednesday and it is anticipated that some of the parties who bid for Chelsea could come to the table.
Sources close to Qatar Sports Investments have categorically ruled out any interest in United, saying that long-term commitments remain at European rivals PSG.
United released a statement on Tuesday night announcing that the Glazers were seeking new investment either through a partial or full sale of the club, raising the prospect of the Americans ending their controversial 17-year ownership.