Birmingham City have confirmed that they have received an offer from Grandtop to increase its shareholding in the club.
Grandtop and its major backer Carson Yeung made a takeover offer for the Blues a couple of years ago, but a deal failed to materialise.
A statement to the stock market read: "The board of Birmingham note the recent press speculation and confirm they have received an approach from Grandtop International Holdings Limited - which may or may not lead to an offer for the entire issued share capital of the company.
"Grandtop is currently a 29.9 per cent shareholder, having acquired this holding in 2007.
"As shareholders will be aware, previous approaches did not proceed and the issue of the funding of any possible offer will be a major factor in determining how the company responds to the approach.
"A further announcement updating shareholders will be made when appropriate."