Arsenal have revealed they have held further talks with American investor Stan Kroenke.
The US sports magnate, who owns 12.2 per cent of the club's shares, met with the current Gunners board on Wednesday in London.
Kroenke has previously been linked with a buyout of the north London club but has fallen behind Russian billionaire Alisher Usmanov in recent months in terms of a potential hostile takeover at the Emirates Stadium.
Usmanov's Red & White Holdings company - which is chaired by former Gunners vice-chairman David Dein - upped its stake in the Premier League club to 23.3 per cent last week.
"The board of Arsenal Holdings wish to confirm that a positive meeting was held in London on October 3 with Stan Kroenke," read a club statement.
"The meeting falls in line with the club's intention to maintain an open dialogue with large shareholders."
Speaking earlier in the week, Usmanov claimed his investment in the Gunners is a positive move for all parties.
He said: "There's nothing wrong if Russian money is to be invested into the world's best football club.
"Together we will be able to succeed and it will enable us, as Russians, to learn how to create a football team.
"What's wrong with that?"