Sky sources claim American businessman Stan Kroenke will launch an official takeover bid for Arsenal within days.
Kroenke Sports Enterprise (KSE) currently has a 12 per cent holding in the North London club after initially purchasing a 9.9 per cent stake in April.
He has already held talks with Gunners chairman Peter Hill-Wood and managing director Keith Edelman and has requested to meet other board members, which could signal the start of his bid to buy the club.
Paul Andrews, the executive vice-president and chief marketing officer of KSE, was remaining coy on whether Kroenke was considering increasing his stake in Arsenal when asked earlier this week.
He said: "We never comment on any future, possible investments of any kind. Each investment is evaluated based on its merit and it will be assessed on an ongoing basis."
Kroenke needs to reach 30 per cent before being obliged to launch a takeover, according to Stock Exchange rules.
He is expected to rapidly increase his holding in Arsenal over the coming days as he prepares to mount a formal takeover, which sources suggest is imminent.
The takeover is understood to value Arsenal at around £650million. The Gunners are currently worth in the region of £423million.
If Kroenke is successful, he will become the richest American owner of a Premier League club, surpassing Manchester United's Malcolm Glazer, and Aston Villa's Randy Lerner.
Kroenke already owns the NBA's Denver Nuggets, the NHL's Colorado Avalanche and MLS' Colorado Rapids, while he is part-owner of the NFL's St Louis Rams.