Dubai International Capital - the investment arm of the Dubai Government - is preparing to launch a £500million bid to buy Liverpool, according to reports.
BBC Sport claim an offer is in the process of being made to American co-owners George Gillett and Tom Hicks.
Initially it was thought DIC, bankrolled by Sheikh Mohammed Al Maktoum, were interested in buying Hicks' 50% share.
However, it is claimed DIC are now set to make an offer for the complete buy-out of the American duo.
The Dubai-based group were close to their own takeover of the Anfield club 12 months ago before the Reds' then chairman David Moores decided to go with the USA investors.
On Thursday a spokesman for Hicks insisted neither of the owners was considering selling their share and both remained fully committed to the club.