Birmingham have confirmed an approach from the Carson Yeung-backed Grandtop International Holdings Limited to increase their investment in the club.
The Blues this morning released a statement in response to reports of fresh interest from the Hong Kong-based company in acquiring further shares.
"The board of Birmingham note the recent press speculation and confirm they have received an approach from Grandtop International Holdings Limited ('Grandtop') - which may or may not lead to an offer for the entire issued share capital of the Company,'' the statement from the Barclays Premier League club reads.
"Grandtop is currently a 29.9% shareholder, having acquired this holding in 2007.''
The board are promising to keep interested parties up to date as soon as further information is available.
"As shareholders will be aware, previous approaches did not proceed - and the issue of the funding of any possible offer will be a major factor in determining how the company responds to the approach,'' their statement continues.
"A further announcement updating shareholders will be made when appropriate.''
It is thought that a takeover might be bad news for Blues manager Alex McLeish, whose job may be under threat.