Kuwaiti businessman Fawaz al-Hasawi is believed to be slipping out of the equation as sources in the Middle East suggest he does not have the financial clout to make him a serious contender.
Mr al-Hasawi held a press conference on Tuesday where he said he was close to acquiring a “second-tier English club” with “a big history in football”.
That led to widespread speculation that it was either Leeds or Nottingham Forest.
And although it is yet to be confirmed which club his interest is in, if either, it is understood it is not Leeds United.
Overnight there was little movement on developments in North America, but it is still believed that a Chicago-based invester - who visited Elland Road and Thorp Arch last week - remains in pole position.
Keep checking the website for updates throughout the day.