Arsenal minority owner Alisher Usmanov has made a bid of $1.3 billion to buy out Stan Kroenke.
The offer values Arsenal at $2 billion.
Kroenke, who owns a 67 percent stake in the club, has yet to formally respond to the approach.
Kroenke is under pressure from supporters due to the position of Arsene Wenger and his lack of urgency running the club.
Usmanov said last month that Kroenke is to blame for the club's recent troubles.