The Indian businessman has been the subject of Radio's '5 live Investigates', who made new claims regarding the Rovers bidder.
Syed is expected to complete the due diligence process of his proposed £300million takeover over later this week, but the Bahrain-based businessman's WGA firm has been suspended from trading as authorities make investigations into their 'source of funding'.
However, Syed's representatives insist it would not impact the takeover of the club as it was a separate entity from the company buying Rovers.
Syed estimates his total wealth at more than £8bn, divided among the more than 130 companies he privately owns and the prospective new owner has dreams of bringing Champions League football to Ewood Park.
According to the Lancashire Telegraph, Rovers are undergoing their own due diligence on the potential buyers which involves checking their financial situation as well as motives for wanting to buy the club.
The club aim to continue their efforts to make sure they attract the 'right owners' and Ali Syed would also need to pass the Premier League's 'fit and proper' test before being allowed to buy the club.
A Rovers spokesman said: "The club has been for sale for some time and, for it to remain competitive in one of the world's toughest sporting competitions, we accept that new investment is required.
"Equally, the trustees of the late Jack Walker, who are being professionally advised, and the club's board of directors are acutely aware of the responsibility involved in passing the club to a new owner.
"We are custodians of a club with a proud heritage dating back to 1875 - a founder member of the Football League."
As well as Syed, the Lancashire Telegraph understands that there is significant interest from Mumbai businessman Saurin Shah and one other unnamed party.