Icelandic businessman Eggert Magnusson has confirmed he has opened talks with West Ham regarding a possible takeover of the Premiership club.
Magnusson, who is head of the Football Association of Iceland and on the UEFA board, is thought to value the club at £75m.
A statement to the stock exchange said: “Mr Magnusson and his advisers have engaged in discussions with West Ham and its advisors about a possible bid.”
“There can be no certainty that such discussions will lead to an offer, nor of the price of any such offer.”
Magnusson, 59, said: “I have been following events for the last year and have seen there have been some bids from other interests but nothing has happened.
“I would suggest that if there are any red herrings, it is the other bids, not our interest.
“I don’t know anything about this Iranian or his interest but I know we are looking at this seriously.
“I would not be wasting my time if we were not serious and whatever comes out at the end, we are serious now.”
West Ham have been the subject of takeover talk for several weeks and manager Alan Pardew has recently called for a swift resolution to the speculation.
“If we can resolve this as quickly as possible, that would be the best scenario for everybody,” said the Hammers boss.