Roman Abramovich could push Chelsea into admistration as he does not want to accept a bid from a country that has sanctioned Russian oligarchs.
The Daily Mail claim Abramovich will be able to influence the club’s sale despite having had his assets seized by the government.
And he will reportedly veto bids from the United States and Britain as both countries have sanctioned Russian oligarchs with alleged ties with Vladimir Putin.
It would mean the bids from consortiums headed by Americans Todd Boehly and the Ricketts family would be off the table, as well as the offer from English property developer Nick Candy.
The highest remaining bid is likely to be that of the Saudi Media Group, said to be around £2.6bn, but the government is thought to be unlikely to back a Saudi approach, meaning the club could be plunged into administration.
Meanwhile, John Terry has also entered the Chelsea ownership race after confirming he is fronting a £250m consortium looking to buy supports a 10 per cent share in the club.
“Chelsea has been such an important part of my life for 22 years,” said Terry.
“I want to see the club’s history and heritage protected as we go into a new era with like-minded people who have the same long-term vision of building the best football club in the world and understand how important our DNA is.”
It has been reported that the bid will also allow supporters, players and ex-staff to buy fan tokens for more than £100, with voting rights in return.
Terry added: “Having met with and heard what the True Blues Consortium is about, I know they understand.
“They’re a group of lifelong Chelsea fans and season ticket holders who have created a concept that will complement and assist any preferred bidder running the club while adding fan connection and engagement with the board.
“This innovative structure is designed to be inclusive of all Chelsea fans and protect our club.
“I’m thankful for the Chelsea Pitch Owners and Chelsea Supporters’ Trust’s time and support on this and we hope we will be welcome investors into the club’s new structure.”