Aston Villa today confirmed discussions have been held with representatives of potential major investors in the club.
Villa chairman Doug Ellis received "unsolicited approaches" by telephone in July from intermediaries acting on behalf of parties interested in acquiring shares in the company and the club have revealed that further talks have now taken place.
A statement to the Stock Exchange read: "In the light of further media speculation, the directors can confirm that discussions have now been held with intermediaries acting on behalf of one of the parties.
"However, details of the principals concerned or sufficient evidence of the firm availability of funds have still not been received. Accordingly, the directors conclude that any such interest continues to be treated as highly speculative."
Venezuelan billionaire Gustavo Cisneros was linked with the club after he reportedly lost out to Roman Abramovich to acquire Chelsea.
Sports lawyer Mel Goldberg was believed to be representing Cisneros in discussions with Ellis.
However, he denied any link to Cisneros though admitted he was working on behalf of "a South American group" to acquire shares in a major club.