Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe reportedly both submitted fresh offers for Manchester United before Friday's 10pm deadline.
The takeover process has entered a third round of bidding, with interested parties, which include those looking for minority investment, asked to direct their offers to Raine Group, who are working on a sale.
According to Sky Sports News, Sheikh Jassim submitted a world-record bid in excess of £5bn for the 20-time English champions ahead of the deadline on Friday night.
The report claims that the offer still falls short of the asking price set by the Glazers, with Man United's American owners said to be looking for around £6bn.
However, the Qatari banker's bid is to complete a full takeover, while he is also prepared to significantly invest in Old Trafford and the club's training ground.
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Sheikh Jassim is also believed to be willing to make significant transfer funds available during the summer transfer window, as head coach Erik ten Hag looks to build on a successful first season at the helm.
A recent report claimed that the club would target a move for Paris Saint-Germain attacker Neymar if they were successful in completing a takeover.
Ratcliffe's offer, meanwhile, is believed to be for just over 50% of the club, which would leave the Glazers with a minority shareholding of around 20%.
"People close to the Sheikh have been telling me they're convinced this is the best bid," said Sky Sports News reporter Kaveh Solhekol.
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Sheikh Jassim is said to be confident of winning the race to buy the club despite the recent obstacles, with various reports claiming that the Glazers are now leaning away from a full sale.
Man United co-owners Joel Glazer and Avram Glazer are thought to be keen to bring in investment rather than remove themselves from the club entirely.
However, siblings Kevin, Edward, Bryan and Darcie are believed to be pushing for a full sale, which has led to a split in the camp.
Raine Group are now set to carefully consider the bids that have been submitted, with further clarity on the situation expected next week.
Any potential new owner is unlikely to be in place before the start of June, which would not leave much time to plan for the summer transfer window.
