Saudi Media Group have reportedly put together a proposal worth £2.7bn to buy Premier League club Chelsea.

As a result of government-imposed sanctions, owner Roman Abramovich does not stand to benefit from any sale, but it has been suggested that the government may be prepared to allow a change of ownership go through.

A number of candidates have emerged, including supporter and British property tycoon Nick Candy, but it appears that he faces strong competition from the Middle East.

According to CBS Sports, an offer of £2.7bn has been submitted, short of Abramovich's initial valuation but one which will not be ignored by the relevant parties.

The report claims that owner Mohamed Alkhereiji is a Chelsea fan and is head of the consortium which will look to win the race for the West Londoners.

Earlier on Monday, it was revealed that a deadline for offers had been extended until Friday.