The Chinese group planning to takeover Liverpool will make an offer this week.
The Sun says Kenny Huang, the businessman whose QSL Sports Ltd company fronts the plan, will make a £400million bid.
And that could spark an auction for England's most successful club.
Other interested parties like Yahya Kirdi's Syrian consortium and American equity firm The Rhone Group would then be duty bound to show their hand.
Yet it is unlikely anything will be completed before the end of the transfer window, leaving boss Roy Hodgson to rely on cut-price deals and cash from sales to strengthen his squad.
Huang would co-run Liverpool with fellow businessman Guang Yang.
China Investment Corp, the government's sovereign wealth fund, would take a passive interest in the daily management.
Co-owner Tom Hicks wants £600m-800m for the club he and George Gillett bought three years ago and who they sent £237m into debt.
