Leeds owner GFH Capital has rejected a takeover bid from a consortium involving former defender Lucas Radebe.
The BBC has learned Radebe, 44, is part of a group involving ex-Leeds director Adam Pearson looking to purchase a majority stake in the club for £7m.
GFH said in a statement: "We are watching with a mixture of bemusement and interest the reports suggesting any credible takeover bid has been made.
"No serious approach has been made by any members reportedly concerned."
Dubai-based investment group GFH Capital bought the club from Ken Bates last December.
Leeds United Supporters' Trust chairman Gary Cooper told BBC Sport that a takeover by the club with Radebe involved would be welcomed by supporters.
The South African made 201 league appearances for the Whites between 1994 and 2005.
"Obviously we, and all Leeds United fans, need more detail. But it has got to be exciting because of the involvement of Lucas Radebe," he said.
"Leeds United winning promotion back into the Premier League with a group involving Lucas, who is loved by all Leeds United supporters, would be an ideal scenario.
"He knows what it takes to be successful at Leeds United, because he was part of those great European nights in the late 1990s and early 2000s."
Brian McDermott's side are currently eighth in the Championship, one point outside the play-off places.