Former Manchester United and Chelsea chief executive Peter Kenyon is leading a consortium hoping to buy Everton.
However he has not ruled out selling equity stakes in the club.
Now a director of football consultancy business Opto Advisers, Kenyon has worked on several deals in recent years and was linked with a bid for Newcastle United before their Saudi takeover.
The group led by the former Chelsea chief is understood to include wealthy US-based businessmen Maciek Kaminski and John Thornton.
As first reported by the Telegraph, talks are still at an early stage.