Amanda Staveley has returned with an improved offer for Newcastle United, according to a report in the Middle East.
Staveley has had an offer for the club worth up to £300million rejected by owner Mike Ashley.
The cash value of the bid, which had clauses linked to on-pitch performance and an ongoing tax investigation, was worth significantly less than that figure.
Staveley's PCP Capital Partners, according to The National, has since tabled a "one-off payment of under £300million".
The financier signed a non-disclosure agreement with the club before a period of due diligence. A number of other potential bidders also sign non-disclosure agreements, and one or more could yet make a rival bid.
Ashley – who put United up for sale in October – wants to sell the club by Christmas.
The transfer budget available to Rafa Benitez in January is dependent on whether a sale goes through, with the Newcastle boss again hinting after today's 3-1 defeat against Chelsea that he must get some support when the window opens.
The defeat was Newcastle's fifth in their last six outings in the league, as Benitez's side struggle to maintain their bright start to the season following a frustrating summer of transfer business.
"We will try to do our best now to fix things and see in January. The main thing is that we improve the little things to improve the team ahead of this big run of games," he said.