Billionaire Alisher Usmanov has made a £1bn bid to wrest control of Arsenal from majority shareholder Stan Kroenke.
However, the bid has in effect been rejected, with Kroenke showing no interest - although no written rejection has been received by Usmanov.
The Financial Times reported Usmanov made the offer last month, and that Kroenke has yet to formally respond.
Metal magnate Usmanov owns 30% of Arsenal's shares.
He is, though, not part of the board or decision-making at the club.
He said in April that Kroenke must "bear huge responsibility" for the club's failures on the pitch.