Sahara Group chief Subrata Roy is still interested in buying a majority stake in Liverpool and discussions are taking place, although they are at an early stage, according to reports published on Wednesday.
The Times first published the story of Roy and Reliance Industries Chairman Mukesh Ambani's interests in Liverpool on Tuesday which led to denials by the latter.
Roy's company had refused to comment and the newspaper on Wednesday insisted that there was still a deal to be done with the Sahara chief.
The newspaper said "Subrata Roy is ready to increase the pace of his bid for Liverpool" while "India's wealthiest man (Mukesh Ambani) remains in the background as a potential investor."
Both bids offered to take on Liverpool's 237 million pound debt in exchange for 51 per cent of the club, the newspaper said on Wednesday.
Tom Hicks and George Gillett Jr are unlikely to accept such terms, although pressure on the co-owners from Royal Bank of Scotland to pay off 100 million pound of the debt by July is growing. The bank has become increasingly frustrated by the failure of the Americans to bring new investment to Anfield, it added.
Merrill Lynch and Rothschild have been charged with finding an injection of fresh cash, but the Americans have approached other merchant banks over the past month as they cast their net ever wider in search of investment.