Russian billionaire Alisher Usmanov on Friday made a $1.3 billion bid to buy Arsenal from American Stan Kroenke, Financial Times has reported.
The Russian oligarch, who owns a 30 per cent stake in the club, is reportedly worth £11.2bn.
Usmanov according to the Financial Times wrote to majority shareholder Kroenke to express his interest in taking over.
Kroenke is yet to respond to the letter, which was sent last month, but is thought to be unwilling to sell.
The Financial Times quotes a source as saying: “Two weeks ago, I thought something could realistically happen. Now I am not so sure.”
Usmanov, 63, is a strong supporter of under-fire Arsenal boss Arsene Wenger.
Last month he said: "I do not think that the coach alone is to be blamed for what is happening.
“Some continuity is needed. This includes the need to prepare a successor for Wenger, but in a very respectful way. I can suggest that Wenger himself can prepare a successor.”
Usmanov acquired his fortune in the metal industry, and is believed to be concerned by a lack of investment in Arsenal.
The fifth-placed Gunners face missing out on Champions League football next term.