The Glazer family could reportedly take Manchester United off the market completely and instead explore a scheme to make money from the club's global fanbase.
The American owners, who bought the Red Devils back in 2005, stated towards the end of last year that they are planning to explore "strategic alternatives" that could lead to a possible sale of the club.
A soft deadline of February 17 for interested parties to table takeover bids was set by the Glazers, with Sir Jim Ratcliffe and Sheikh Jassim bin Hamad Al Thani both submitting their offers before the closing date.
Manchester-born billionaire and INEOS owner Ratcliffe is a boyhood supporter of Man United and publicly expressed his interest in buying the 20-time English top-flight champions at the beginning of this year.
Meanwhile, Qatari Sheikh Jassim has proposed plans to clear the club's debts and return the Red Devils to "its former glories both on and off the pitch".
A statement from Sheikh Jassim's consortium read: "The bid plans to return the club to its former glories both on and off the pitch, and – above all – will seek to place the fans at the heart of Manchester United Football Club once more.
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"The bid will be completely debt free via Sheikh Jassim's Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the club supports.
"The vision of the bid is for Manchester United Football Club to be renowned for footballing excellence, and regarded as the greatest football club in the world. More details of the bid will be released, when appropriate, if and when the bid process develops."
Both Ratcliffe and Sheikh Jassim are understood to have progressed through to the second round of the takeover process and a meeting has been scheduled with the Glazer family.
In addition, United's potential new owners have allegedly been invited to attend presentations at Old Trafford, which are due to take place over the next two weeks.
Although there appear to be signs of progression in the takeover process, The Sun reports that all possible moves are on the table including the Glazers pulling the plug on the sale of the club altogether.
The report adds that the current offers on the table – believed to be in the region of £4.5bn – are still falling short of the Glazers' £6bn valuation.
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Sheikh Jassim is allegedly prepared to walk away from a proposed takeover if the Glazers fail to lower their asking price, with the Qataris unwilling to overpay for the Red Devils.
The Sun adds that another alternative for the Glazers and The Raine Group – who are overseeing United's takeover process – is to use external cash to create a new company to help push the club's merchandising and digital commercial operation.
Up to four US hedge funds are said to have expressed an interest, including Los Angeles-based Ares Management fund, who could help the Red Devils create the new entity and make the club money in various ways ranging from digital sales, video gaming and merchandising.
Should United pursue this potential avenue, the Glazers could therefore scrap plans for a complete sale of the club.
The prospect of any interested parties completing a takeover of Man United is unlikely to take place before May at the earliest, although potential new owners are allegedly keen to reach a full agreement before the summer transfer window.
Man United, who currently sit third in the Premier League table, moved one step close to booking their place in the Europa League quarter-finals after beating Real Betis 4-1 at Old Trafford in the first leg of their last-16 tie on Thursday.
