Roman Abramovich reportedly rejected a £2.5billion offer to buy Chelsea.
The Russian oligarch is listening to offers for the European champions and it's believed he wants around £4bn, although bids of £3bn or more will be taken seriously.
Abramovich bought Chelsea for just £140million in 2003 and has pumped more than a £1bn into the club since, establishing them as one of the best teams in the world.
But calls for him to sell the Blues have emerged following Russia's invasion of Ukraine.
MP Chris Bryant has called for Abramovich to be banned from owning Chelsea and EU president Roberta Metsola believes he shouldn't be allowed to control the club.
According to Sky News, Abramovich's advisers have issued letters to prospective bidders and set them a deadline of mid-March to make an offer.
It's believed eight multi-billionaires - some from the US and Asia - have been sounded out and Abramovich has already rejected a bid of £2.5bn for Chelsea.
The Russian's advisers are reportedly keen to complete a deal quickly - perhaps as early as May - but that could prove challenging in the current geopolitical climate.
Chelsea's debt to Abramovich is thought to be more than £1.5bn. According to a Forbes calculation in April 2021, the club is worth $3.2bn - around £2.4bn.
Speaking on Tuesday, Swiss billionaire Hansjorg Wyss claimed he'd been offered the chance to buy the club.
"Abramovich is trying to sell all of his villas in England, he also wants to get rid of Chelsea quickly," said Wyss, an 86-year-old who is worth £4.3bn.
"I and three other people received an offer on Tuesday to buy Chelsea from Abramovich. I have to wait four to five days now. Abramovich is currently asking far too much.
"You know, Chelsea owe him £2billion. But Chelsea have no money. Anyone who buys Chelsea must compensate Abramovich.
"As of today, we don't know the exact selling price. I can well imagine starting at Chelsea with partners. But I have to examine the general conditions first."
Abramovich attempted to hand over "care and stewardship" of Chelsea to the trustees of its charitable foundation on Saturday.
But the plan is believed to have collapsed due to some trustees having concerns about the legality of it.
"I have always taken decisions with the club's best interest at heart," said Abramovich on Saturday. "I remain committed to these values.
"That is why I am today giving trustees of Chelsea's charitable Foundation the stewardship and care of Chelsea FC.
"I believe that currently they are in the best position to look after the interests of the club, players, staff, and fans."
The Blues have won five Premier League titles, two Champions Leagues, five FA Cups, three EFL Cups, the Club World Cup and other trophies during the Abramovich era.
They've also established one of the most successful teams in the women's game, winning a record five WSL titles and reaching the Champions League final last season.
And Chelsea's academy has improved significantly, developing the likes of Mason Mount, Tammy Abraham, Ryan Bertrand and Ruben Loftus-Cheek, British Mirror reports.
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