the Shanghai Morning Post announced.
Ming 31, who is said to have assets in excess of £200m million, is also the chairman of Chinese Division A side Dalian Shide, the club which sold Sun Jihai to Premiership rivals Manchester City last year.
Xu has also said he would like to forge a partnership with a top European club, according to the company's Web site.
"While Xu Ming is still just one of the possible contenders, there are no other buyers that can come close to Shide's financial strength," the newspaper said.
Professor John McKenzie has business interests in Asia and there has been speculation that he could be part of a Chinese-backed bid.