Milan Mandaric, the former non-executive chairman of Portsmouth, has launched a takeover bid for Leicester City.
The Serbian-American confirmed today that he had made the offer, thought to be worth about £25 million, for the Foxes, who are currently 12th in the Championship.
No precise amount was named by Leicester, who said that the offer would be "given full consideration".
"We have a number of options available to the board and it is imperative that the right decision is taken to safeguard, protect and develop the best interests of the football club in the short, medium and long term," the club said in a statement.
Mandaric had been with Portsmouth for eight years and had been planning a longer break from football, but high demand for his services has led to his returning sooner than anticipated, he said.
"My aim is to re-awaken Leicester City and aspire to the dreams of their passionate supporters and bring Premiership football back to the club at the earliest opportunity," he explained.
"I feel I have made a fair and generous offer to acquire Leicester City from the present shareholders."
If the offer succeeds, he will become the third American to acquire a British football club in the last two years, following Malcolm Glazer's takeover of Manchester United last year and Randy Lerner's acquisition of Aston Villa this summer.