Championship side Birmingham City have been approached by a sports management company representing a consortium interested in purchasing the club.
Birmingham International Holdings Limited (BIHL), the company that owns Blues, said they were approached on 23 and 31 January by the unnamed company.
Former QPR chairman Gianni Paladini has previously admitted his desire to lead a consortium to take over the club.
Birmingham stated last May they could be attracting further investment.
In a statement to the Hong Kong stock exchange, BIHL said: "The board wishes to inform shareholders of the company and potential investors that the company (BIHL) has been formally approached on 23 January 2013 and 31 January 2013 by a sports management company, who has indicated that it will be able to lead a consortium which will consider the purchase of Birmingham City Football Club Plc, (the) company's subsidiary.
"The company's lawyers are currently in contact with the interested party with the view to clarifying matters of this approach."
Despite the club not officially being up for sale, last November acting Blues chairman Peter Pannu revealed that they were open to offers for any of their first-team players.
On the pitch Birmingham, who reached the Championship play-offs last season, lie 16th in the league table and are just six points off the relegation zone.