Villa have been the subject of takeover reports before this season

The club's plc confirmed a group including Ranson had made an approach to take over from Doug Ellis but that the offer had been turned down.

"Aston Villa has received a proposal to acquire the entire issued share capital of the Company," said a plc statement.

"The board's view is that it significantly undervalues Aston Villa and the proposal has been rejected."

Ranson, 43, who has forged a career as a businessman, is thought to have been in talks with Ellis about a possible buy-out for months.

During his playing career Ranson represented City, Newcastle and Birmingham and captained England Under-21s, and he has since made his fortune from sports finance and insurance.

He is keen to provide funds for manager David O'Leary to strengthen the squad at Villa Park so the club can compete with the likes of Arsenal and Manchester United.

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Villa Fans' Combined (VFC) are keen to see Ellis sell his share-holding and allow to club to move forward under new owners.

A statement said: "VFC call for a simple and clear statement from Mr Ellis that he is willing to listen to offers for his majority shareholding in Aston Villa."

The Midlands outfit has been the subject of takeover rumours before this season, with Venezuelan businessman Gustavo Cisneros linked with a �40m offer.

The Aston Villa Supporters Trust want to meet with any partries looking to take over at the club.

"The Supporters Trust asks that any potential bidder open a dialogue with supporters groups early on," said an AVST statement.

Ellis took control of Villa for the second time in 1982 and has been in charge for 30 years over two spells.