Singapore billionaire Peter Lim is preparing a fresh bid for Liverpool in the latest twist to the Anfield ownership saga.
Lim lost out to preferred bidders New England Sports Ventures when the board agreed a provisional sale of the troubled Premier League club last week.
However, with current owners Tom Hicks and George Gillett seeking to block the sale to the owners of the Major League Baseball franchise Boston Red Sox in the High Court on Tuesday, Lim has again emerged on the scene.
It is believed that Lim, who is estimated to have a personal wealth of £1billion, is set to approach the board with an improved bid.
He is reported to have been their preferred bidder and willing to pay off all of the club's debt until a late change of heart by the board.
However, his interest hinges on what happens in the High Court where Hicks and Gillett and seeking to overturn the decision made by independent chairman Martin Broughton to sell the club to NESV.
Should the court agree with the American pair that Broughton could not accept an offer without their agreement then the deal could collapse.
If major creditors the Royal Bank of Scotland then decide to call in their estimated £230million debt the Reds could be placed into administration.
That would lead to a nine-point Premier League deduction and likely spell the end of NESV's interest.