Sir Jim Ratcliffe, Britain's richest man, has launched a takeover bid for French side Nice.
Reports emerged last month that Ratcliffe, 66, was exploring the idea of buying Chelsea.
Ratcliffe is worth in excess of £21billion and recently purchased Team Sky.
He bought Swiss side Lausanne in 2017 and is understood to have made a bid for Ligue 1 outfit Nice in February.
That offer, believed to be £77million, was rebuffed by Nice but according to a report by local newspaper Nice-Matin, Ratcliffe is not giving up.
He is said to have sent his brother Robert Ratcliffe to the south of France on Thursday to discuss his plans for the club with the city's mayor Christian Estrosi.
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A spokesperson for his petrochemicals company INEOS has confirmed the bid.
The statement read: "Ineos confirms that it has expressed an interest in the club and has had exploratory discussions but can say nothing more at this stage."
Ratcliffe, who was knighted in 2018, is understood to have first approached the club in November, shortly after he moved to nearby Monaco for tax-related reasons.
He is a Manchester United fan but has a season ticket at Chelsea amid speculation over the takeover.
Roman Abramovich Chelsea statement made by club chief Bruce Buck
Roman Abramovich reportedly requires £2.5bn to hand the Blues over, more than 15 years after buying the club for just £140m.
The Russian is understood to have not watched his side since being denied a visa in May 2018, and subsequently became an Israeli citizen.
But despite doubts over his future at the West Londoners, Blues chief Buck has revealed that he is still involved in the day-to-day running of the club Roman Abramovich Chelsea statement made by club chief Bruce Buck
