London-based Sunday Mirror online reported the club's chairman John Wardle wanted to "colour of Thaksin's money within a fortnight or he may be forced to scrap his plans to sell."

Wardle may make Graeme Souness manager amid fears that Thaksin's 90 million pounds takeover bid has hit the wall.

The Mirror reported that the former Thai Prime Minister's accountants have been looking at City's books for weeks as part of a due diligence process. But no formal bid has been made - nor is one expected this week.

Alarm signals are sounding as the exiled prime minister's attempt begins to look similar to his doomed plans to move into Anfield.

City feared that the new season is kicking off in just over two months and the club has become a rudderless ship.

It has no no manager following the sacking of Stuart Pearce, and while other clubs are doing their summer shopping, City are caught in a void.

The Mirror said Claudio Ranieri, who was ready to become manager if Thaksin was successful, is now certain to take over at Juventus instead.

Wardle is now preparing to remain in control and former Liverpool, Blackburn and Newcastle boss Souness is on stand-by.