A consortium headed by Thai business tycoon Vichai Raksriaksorn is in talks to buy Leicester City.
BBC Radio Leicester understands that the group is planning to take an initial 49% stake in the club.
That would leave current owner Milan Mandaric in overall control of the Championship club for the time being.
Raksriaksorn's King Power duty free company are to become the Foxes' new shirt sponsor as part of the deal which values the club at £39m.
A club statement confirmed that talks about potential investment are "ongoing" but said no deal had been completed.
Raksriaksorn's daughter Voramas, King Power's creative and communications director, told the Bangkok Post that negotiations are ongoing.
She said: "All the rumours about the Leicester City Football Club will be cleared up very soon."
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