Sheffield United's American owners have failed to deny that they proposed a shock merger with their arch-rivals Wednesday.
Sheffield Wednesday is up for sale after falling into administration on October 24, following the reign of Thai businessman Dejphon Chansiri.
The Daily Mail reported on Tuesday night that five offers had already been made for Sheffield Wednesday, with two more expected.
After entering administration, Wednesday were hit with a 12-point deduction and currently sit bottom of the Championship on minus four points.
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But there is hope at Hillsborough that a sale could kick-start a new era, with three of the formal bidders believed to be serious contenders.
One proposal reportedly came from a group that wanted to merge the two Sheffield clubs.
COH Sports, who have been in charge of Sheffield United for a year, did not deny contacting administrators Begbies Traynor about the idea.
The proposal was instantly dismissed, with the ownership structure impossible under EFL rules and the fierce Steel City rivalry making any merger unthinkable.
Rumours of a potential merger sparked outrage among fans of both clubs.
The sides met on Sunday at Hillsborough, with United running out 3-0 winners.
COH issued a letter to supporters on Wednesday morning, but chose to focus on the derby victory and their commitment to the club, rather than the ownership rumours.
The Daily Mail also reported that Wednesday's sale had sparked interest in United, with COH hiring sports consultants Penwick to gauge potential interest within the club.
Meanwhile at Hillsborough, Begbies Traynor had set a soft deadline of November 21 and requested proof of funds of around £50 million.
They hope to have a preferred bidder in place by December 5, when a period of exclusivity would begin.
Sheffield Wednesday are one of the most historic clubs in English football, having won four league titles and three FA Cups since they were founded in 1867.
That history has attracted investors, with The Telegraph reporting that around 80 parties made initial inquiries about the club.
Speaking to talkSPORT on Tuesday, football finance expert Stefan Borson said there are 11 bidders for Wednesday.
"I'm working with one of the bidders. There are a number of bidders in play, a number of credible players around," Borson said.
"Apparently, there are 11 that have given proof of funds for £50 million of liquid assets.
"That is a serious process, and there is serious interest."
After the 12-point deduction, Sheffield Wednesday are already 19 points from safety.
Their squad is extremely light, with several youngsters promoted to the first team to fill the gaps.
"The issue is actually that you can't just look at the headline price here," Borson continued.
"This is a club that's not had a lick of paint for quite some time and by the end of this season it will be in League One.
"It will have almost no squad and it will have a stadium that needs significant spending. So anybody that comes in is going to have to have deep pockets.
"I think the people that are circling do have deep pockets, but it is not going to be a cheap deal for anybody. The challenges are great."
Topics: Sheffield United, Sheffield Wednesday, Football, EFL Championship
James Taylor