Amanda Staveley has returned with an improved offer for Newcastle United, according to a report in the Middle East.
Staveley has had an offer for the club worth up to £300million rejected by owner Mike Ashley.
The cash value of the bid, which had clauses linked to on-pitch performance and an ongoing tax investigation, was worth significantly less than that figure.
Staveley's PCP Capital Partners, according to The National, has since tabled a "one-off payment of under £300million".
The financier signed a non-disclosure agreement with the club before a period of due diligence.
A number of other potential bidders also sign non-disclosure agreements, and one or more could yet make a rival bid.
Ashley – who put United up for sale in October – wants to sell the club by Christmas.
Newcastle are 12th in the Premier League table ahead of this afternoon's game against Chelsea at Stamford Bridge.