Amanda Staveley's consortium has offered an estimated £300m to take Newcaslte United off Mike Ashley's hands, Sky News reported.
The offer, which comes from Staveley's Middle East-based firm PCP Capital Partners, is below Ashley's asking price of nearer £400m.
It was put on the table last week, after a round negotiations. As of Monday night, there was no word on whether the Sports Direct owner would put the offer through to a period of exclusivity during which due diligence would be carried out.
Staveley's Dubai-based PCP Capital Partners, through which the bid was made, manages a portfolio of £28bn. She has previously been involved with other major football deals, most notably Sheik Mansour's high-profile purchase of Manchester City in September 2008.
Staveley caused a flurry of speculation when she was spotted at Newcastle’s 1-1 home draw with Liverpool last month.
Ashley put Newcastle up for sale last month, saying that the club needed new ownership to take it in a new direction. He has owned the club for a decade, and tried to sell it twice in that time.