Leicester chairman Andrew Taylor has every confidence the board will act in the best interests of the club when Milan Mandaric's proposed takeover is put to the club's shareholders later this week.
Mandaric, 68, who stepped down at Portsmouth after selling the club to Alexandre Gaydamak in July, has a reported £25million bid for a controlling interest in the Foxes on the table.
Taylor confirmed last week that Leicester were still exploring 'alternative' investment options, but Mandaric's proposal is set to be discussed by the club's shareholders at an extraordinary general meeting (EGM) this week.
Taylor said: 'The next phase of the future of Leicester City is likely to be defined in the coming week. The club has passed from private to plc ownership and back again in the past 10 years.
'Just three years ago, a community of local investors - Leicester City fans all - dug deep and saved the football club when it was in administration. That may sound all rather grand but that is exactly what happened.
'They are still with the football club and they want what is best for Leicester City.
'They acted selflessly in 2003 and you can be assured they will do the same thing when they meet to discuss the options available to take the football club forward.'