Arsenal majority shareholder Stan Kroenke has allegedly launched a bid to purchase Alisher Usmanov's stake in the club.
The businessman has tabled an offer worth almost £525m to buy out the Russian, according to The Guardian.
Kroenke currently owns 67% of the Premier League club's shares, a shareholding that will rise to more than 97% if his latest attempt to broker a deal goes through.
Usmanov has attempted to buy out the American on a number of occasions, the latest coming in May.
However, Kroenke is said to have returned to the negotiating table with a counteroffer of £28,000 per share to purchase Usmanov's 30.4% Gunners stake.
The report states that the deal could pave the way for Kroenke to buy out Arsenal's minority shareholders and turn the club into a privately-owned business.
This would mean that Arsenal will no longer need to publish their accounts or hold an AGM, and could also enable the US business magnate to use the club as leverage in deals.
The news follows rumours that Usmanov is planning to sever his Arsenal ties so he can follow former Gunners shareholder Farhad Moshiri to Everton.
Mark Langshaw
