The self-made billionaire recently pulled out of the race to buy Safeway

Mr Green is thought to be involved in a consortium put together by former deputy chairman Allan Leighton, adding several million pounds to the deal.

Earlier this week, Leeds said that talks were continuing with interested parties.

The entrepreneur owns a number of UK businesses including British Home Stores and Arcadia Group.

Leeds United confirmed it was in talks to save the Premiership club from administration in December.

Final whistle looms

The stricken Elland Road club found itself in financial trouble after failing to reach a deal on the restructuring of its debts, which amounted to around �82m.

Club chief executive Trevor Birch and the Leeds board still have until 19 January to find a potential saviour.

Recent buyer speculation has centred around a group of Middle Eastern investors led by a member of Bahrain's Royal family Sheikh Abdul Rahman bin Mubarak al-Khalifa.

Leeds chairman Allan Leighton was also hotly tipped to put together as bidding consortium - now believed to include Philip Green - and recently resigned from the board to avoid a potential conflict of interests.

Chinese construction tycoon Xu Ming, founder of Shide Group and chairman of China's leading football team, is also said to be interested in saving the club.