A US business tycoon tabled an offer to buy Chelsea from Roman Abramovich last month, according to the Financial Times .
Todd Boehly - a co-owner of the Los Angeles Dodgers Major League Baseball team - is said to have fallen short of Abramovich's £3billion asking price with the bid.
The Wall Street Journal , which first reported the interest, claim that offer was rejected but the tycoon is still open to a deal.
Boehly, 46, is the chairman and chief executive of Eldridge Industries, a private investment firm based in Connecticut.
He is also the former president of Guggenheim Partners, a wealthy asset manager group.
Reports first surfaced in the summer that Boehly was interested in investing in a club in the Premier League, with both Chelsea and Tottenham identified as possible avenues.
Chelsea now seem to have emerged as a more likely possibility given the uncertainty over Abramovich's long-term future at the club.
Billionaire Abramovich has been in place at Chelsea since 2003, but confusion has reigned over his future as the Blues' owner in recent years.
The 53-year-old took Israeli citizenship last year after an application for a UK investor visa had been delayed.
Chelsea were also forced to shelve plans for a new stadium amid mounting costs and an uncertain financial market.
There was better news for the club earlier this month though when they succeeded in an appeal against a transfer ban, meaning that they will be able to sign new players in January should they wish.
Should Boehly's interest in Chelsea end up in a deal, then the Blues could join the likes of Liverpool and Manchester United in the hands of American ownership.
Last month US private equity group Silver Lake bought a $500million stake in Manchester City .
