Rovers chairman John Williams says a number of parties have expressed interest in buying the club, with a company run by wealthy Indian businessman Ahasan Ali Syed confirming a formal approach.
The Jack Walker Trustees will consider selling the club but only if future investment can be guaranteed - Syed is reported to be promising to clear the club's £20million debt and invest £300million to sustain the club over a long period of time.
Syed's investment company Western Gulf Advisory (WGA) made a formal approach to Blackburn's advisers at investment bank Rothschild.
WGA have a non-disclosure agreement about the talks but a company spokeswoman said: "I can confirm that we made a formal approach to buy Blackburn Rovers."
Williams said: "There have been a number of interested parties for some time and discussions are ongoing."
WGA are based in Bahrain and Switzerland and 36-year-old Syed is a lawyer who studied at the London School of Economics.
A number of consortiums have contacted the Jack Walker Trustees over the last three years, including one from ex-JJB Sports chief Chris Ronnie and another based in Iceland.
In June another Indian entrepreneur, Saurin Shah, was reported as being prepared to bid for the club but, for all the activity, a deal has never come close to being done.