Former Real Madrid and Wales star Gareth Bale was part of a bid launched in May to buy hometown club Cardiff City.
The 35-year-old former Wales captain, who retired from playing in January 2023, is understood to have been part of a group that made direct contact with Bluebirds owner Vincent Tan with a proposal to take a controlling share at the League One club.
The offer was rejected, with the Malaysian businessman thought to have little interest in selling at the moment, however the assumption is that the group will try again.
Cardiff are not commenting on the reports that emerged late on Friday afternoon concerning a bid for the club newly relegated from the Championship.
It is understood the proposal did not reach boardroom discussion stage.
Bale – who won the Champions League five times with Real Madrid – had been linked with a move to Cardiff as a player in the build-up to the 2022 World Cup, before opting to join Major League Soccer side (MLS) side Los Angeles FC.
It was reported earlier in June he was part of a US-based consortium’s attempt to take over Cardiff’s fellow League One club Plymouth Argyle.
