A bid by an unnamed Danish billionaire to buy Notts County could lead to the withdrawal of local interest in a takeover, reports BBC Nottingham Sport.
Notts owner Ray Trew is keen to sell to Alan Hardy, chief executive of the Paragon Group and owner of the Nottinghamshire Golf and Country Club.
However, Hardy could stand aside if a wealthy investor from abroad came in.
While sources say Hardy believes a quick sale is best, he admits he cannot compete with billionaire finances.
Trew announced last week that he was stepping down as chairman of the League Two club and that the Meadow Lane side was up for sale after his family was subjected to "foul and mindless abuse".
Notts, the world's oldest Football League club, have had nine full-time managers since Trew took over from Peter Trembling six years ago.
He took on debts of more than £1.5m, which were built up during the last period of foreign ownership, five months under Middle Eastern consortium Munto Finance.
Notts have lost their last three matches and are 16th in League Two after 32 games.
The Magpies are looking for their first home win under manager Jamie Fullarton when they host bottom side Dagenham & Redbridge on Tuesday.