He has met Leeds chairman Ken Bates but said he would only invest in the club "if it was a good deal" and has no interest in taking overall control.

McDonald told the Yorkshire Post: "I said if there was a consortium someone wanted me to join I'd consider it.

"But I didn't want to be on the board or chairman."

McDonald, who left Bramall Lane eight years ago, added: "I'm looking at it purely from an investment point of view."

Leeds is a big club with a big fanbase and, although it will be an uphill slog to turn it around, it can happen if it is run the right way Former Sheffield United chairman Mike McDonald

However, Bates said on Monday that he had already rebuffed an approach from McDonald, saying: "I told him to go away and come back with proof of funds. I haven't seen him since."

It had been reported McDonald was in discussions with an Irish consortium looking to buy the club outright and that they already had former Newcastle manager Graeme Souness earmarked as manager.

However, McDonald has denied the report.

"I don't know where these stories come from," he said.

"I have not spoken to Graeme Souness since all the problems Sheffield United had with Benfica over Brian Deane.

"If someone said, 'would you invest in Leeds?', I would be interested if I thought it was a good deal.

"Leeds is a big club with a big fanbase and, although it will be an uphill slog to turn it around, it can happen if it is run the right way."

The club will be relegated from the Championship on Sunday unless they score a hatful of goals to beat Derby and Hull City lose heavily at home to Plymouth.