A joint consortium from Saudi Arabia and Qatar are reportedly preparing a £3.2bn bid to buy Liverpool from Fenway Sports Group.
The Reds have been owned by the American company for 12 years since their £300m purchase in October 2010, but John W Henry is now on the lookout for new investors.
It is believed that FSG are leaning towards a partial sale of the club, but chairman Tom Werner has confirmed that the American firm would consider a full sale in the right circumstances.
Reports at the end of November claimed that Liverpool had opened talks with Middle Eastern consortiums over a multi-billion pound takeover, and Saudi Arabia Sports Minister Prince Abdulaziz bin Turki Al Faisal has affirmed that the government would support private sector bids for the Reds.
"From the private sector, I can't speak on their behalf, but there is a lot of interest and appetite and there's a lot of passion about football," the Saudi chief told BBC Sport.
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"It's the most-watched league in Saudi and the region and you have a lot of fans of the Premier League. We will definitely support it if any [Saudi] private sector comes in, because we know that's going to reflect positively on sports within the kingdom. But if there's an investor willing to do so and the numbers add up, why not?"
According to The Sporting News, a joint Saudi-Qatari consortium are now "strong early contenders" to take over from FSG and are readying an opening offer of £3.2bn.
The report adds that the two investors have joined forces in order to avoid becoming entangled in a fierce bidding war, and the potential buyers have "strong links" to their country's governments.
Furthermore, both parties are supposedly confident that the move would be signed off by the FA following Newcastle United's Saudi-backed £300m takeover last year.
However, the Saudi and Qatari consortium can expect competition from Germany and the USA in their attempts to buy Liverpool, who could become the most expensive Premier League club in history if a £3.2bn takeover goes through.
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During FSG's time at the helm, Liverpool have been transformed into a club consistently challenging at the top end of the Premier League table since Jurgen Klopp's appointment in 2015.
The Reds won their sixth Champions League trophy in the 2018-19 season and ended their wait for a first-ever Premier League crown the next year, while they have also scooped the Club World Cup, UEFA Super Cup, EFL Cup and FA Cup over the past few years.
However, Liverpool were one of 12 clubs to sign up for the doomed European Super League in 2021 before pulling out, leading to fierce criticism of FSG from supporters.
Henry has also come under fire for a perceived lack of financial support in the transfer market, although any January or summer plans are not expected to be impacted by a possible takeover.
Following reports of FSG's intent to sell, Liverpool sporting director Julian Ward - who only took over from Michael Edwards last year - allegedly informed the Reds that he would step down from his role at the end of the season.
Ward is said to be keen to take a break from football, but uncertainty stemming from a possible takeover was believed to have been a factor in his decision to leave.