French club Olympique Lyonnais confirmed late on Monday they were in talks with US businessman John Textor about a takeover bid.
Lyon said Textor's Eagle Football Holdings vehicle was in talks over buying the majority stake held by club president Jean-Michel Aulas.
Textor already owns a stake in Premier League side Crystal Palace.
Lyon won seven consecutive Ligue 1 titles from the 2001-2002 season but have struggled to compete in recent years, with big-spending Paris Saint Germain, who are owned by the state-run Qatar Sports Investments, dominating French football.
Football clubs have attracted billionaires and oligarchs from around the world due to the sport's high TV audiences and lucrative property assets.
Last month, Los Angeles Dodgers baseball team part-owner Todd Boehly struck a deal to buy Chelsea, with financial backing from Clearlake Capital, while last October a Saudi-Arabian backed consortium bought Newcastle United