But he denied reports that a £100m takeover had already been agreed, saying: "The deal is not formally or legally concluded yet."

Thaksin is expected to target Claudio Ranieri to become City's new manager.

However, the former Chelsea coach told BBC Sport on Thursday that he had not yet been approached to take over from Stuart Pearce, who was sacked last Monday.

BBC reported earlier that Thaksin emerged as the frontrunner to buy Manchester City. He has been granted access to the club's accounts and his advisers will carry out due diligence before reporting their findings to him.

His offer is believed to be more favourable to City than that of rival bidder Ray Ranson.

The club were not happy with some of the terms of Ranson's initial proposal before he submitted an updated version.

But Thaksin made contact with City on April 30 and the process for him to take over the Eastlands outfit has moved on quickly.

Due diligence allows a potential buyer to examine the accounts of the organisation in question and decide whether it is a worthwhile investment for them to make.

"Dr Thaksin Shinawatra notes certain recent press articles regarding the possibility of an offer being made for Manchester City," read a statement from Shinawatra's accountants to the Stock Exchange.

"Dr Thaksin confirms that he and his advisers have made an indicative proposal that may or may not lead to an offer being made for the company."