Russian billionaire and Arsenal minority shareholder Alisher Usmanov is believed to have made a $1.3bn (£999m) bid to take full control of the Premier League club.
The 61-year-old was rebuffed by Stan Kroenke, the American billionaire who has control at Emirates Stadium thanks to his 67 per cent stake, with an offer that would value the club at $2bn.
According to the Financial Times, other interested parties are also considering launching a bid for the North London giants.
Usmanov owns 30 per cent of Arsenal but has expressed dissatisfaction over the club's direction under Kroenke, who has denied him a place on the board.
Last year he moved to quell speculation that he was considering divesting his interest in Arsenal after his long-term business partner Farhad Moshiri bought a 49 per cent stake in Everton.
In January USM Holdings, a holding company co-owned by Usmanov, agreed a training ground naming rights deal with Everton.