Aston Villa are being targeted in a £150m takeover bid by a consortium led by a former director at Chelsea.
The FA Cup finalists are the subject of interest from a group led by Paul Smith, a former senior executive at the London side, who is reportedly considering offering Tony Adams a football role at the club.
Villa was put up for sale by its American owner Randy Lerner, who in 2014 appointed Bank of America Merrill Lynch to handle the sale. Lerner initially bought the club for £60m in 2006. The current bid has taken at least a year to put together.
Villa manager Tim Sherwood, who was hired in earlier in 2015 and tasked with avoiding relegation, said he had not been informed of any developments.
"I haven't heard anything. It's out of my hands," he told a press conference on 7 May. "I know Tony but only through playing. He's a good guy, I have a lot of respect for Tony."
Adams is reportedly being included in the potential deal and would assume a football role at the club if it goes through, although he is not said to be directly involved and is not thought to pose a threat to Sherwood's position as manager.
The former Arsenal captain spent his entire playing career at the north London club and is widely considered to be one of the club's all-time greats. He won four top-flight titles with the Gunners, as well as three FA Cups, two League Cups and a Uefa Cup Winners Cup.