Last week the consortium proved their credibility and their credentials by lodging an eight-figure sum in a solicitors' client's account in order to push the deal through.
Leeds acting chairman Trevor Birch will make the latest in a series of statements to the Stock Exchange tomorrow regarding the current 'standstill agreement' the club have with their creditors.
Although it is understood the initial offer was rejected as it did not meet with the approval of the bondholders, the consortium have now increased the bid.
The creditors, bondholders MetLife and Teachers in the United States and British firm M&G, along with player-leasing agents Registered European Football Finance Ltd, are continuing their discussions with the consortium.
Consortium representative Gerald Krasner said: "I can confirm that negotiations are at a more advanced stage."
If the talks break down at any stage, it's likely that the administrators will be called in before the end of the season.