Ex-Portsmouth chairman Mandaric has lofty aspirations for Leicester

The Foxes are ready to hold talks with the 68-year-old former Portsmouth chairman, but insist they will continue to explore other options.

Mandaric's offer is believed to be �25m and he insists he is unfazed by other reported rival bidders.

But a statement released by Leicester read: "Any decisions must be taken in a careful and measured manner."

Mandaric told BBC Radio Leicester: "I'm quite positive and I just hope we can sort it out sooner rather than later."

Leicester's statement added: "The board welcomes the interest of Mr Mandaric as a potential investor and acknowledges his track record in football over three decades in north America and Europe and, most recently, his successful term as chairman at Portsmouth.

"The board, which is elected by 47 shareholders, has and will always continue to act in the best interests of the football club.

And it went on: "The 47 shareholders rescued the club from administration three years ago and remain totally committed to safeguarding and developing the future of the club."

There is also reported to be interest from America and elsewhere in the midlands, but Mandaric is in confident mood.

He said: "I am expecting some response from some people at the club and I'm quite sure that they will promptly do so."

Mandaric remains cautious over his plans until he receives an answer but reaffirmed his desire to raise the status and profile of the club.

"First we need to get at least verbal agreement on the points I presented to them and then we would need to put our respective lawyers and accountants in place," he said.

"And then, more importantly, I must talk to the organisation to see what is and what is not there. I expect that to take place pretty soon.

"I'm always optimistic. I believe that I have put a fair deal on the table.