Blackburn chairman John Williams has revealed the club are in talks with several parties about a possible takeover.
Ahasan Ali Syed, head of investment company Western Gulf Advisory, is believed to have begun negotiations with Rovers advisers, investment bank Rothschild.
Williams confirmed: “There have been a number of interested parties for some time and discussions are ongoing.”
Rovers are currently owned by trustees of the late Jack Walker, and are believed to be £20m in debt.
WGA, which has offices in Bahrain and Switzerland, have reportedly promised to clear that figure and make a long-term investment of £300m into the Ewood Park club.
Also said to be interested in taking over the Lancashire outfit are a group led by former JJB Sports chief Chris Ronnie, an Icelandic party and Indian businessman Saurin Shah.