Sir Jim Ratcliffe and INEOS are hopeful that their offer to buy Manchester United could be officially named as the preferred bid in the next week. Sir Jim is set to open formal talks with the Glazer family over his bid to take over the Red Devils, according to 90min and TalkSport reports.

The two publications report that Ratcliffe has offered a deal worth £5 billion for majority ownership of United, which would see brothers Joel and Avram retain a partial stake in the Old Trafford giants.

The offer fronted by Ratcliffe is believed to technically value the club higher than the rival world-record £5 billion bid from Sheikh Jassim bin Hamad Al-Thani. However, this is in part because Ratcliffe only wants to purchase a controlling stake and there is a distinct possibility for the Glazers to remain at Man United.

Raine Group, who are handling the sale of the club, have not yet named a preferred bidder, but it is believed that Ratcliffe is leading the race and a confirmation of this development could be confirmed in the coming days.

Sources insist the British billionaire has not been named as preferred bidder but he does appear to be in the box seat. The Qatari consortium led by Sheikh Jassim bin Al Thani believe they are still in the running.

Manchester-born Ratcliffe has long-expressed his interest in the club, which stepped up when the Glazer family opened up the possibility of a sale on November 23 last year. It quickly emerged that the OGC Nice owner and INEOS chairman was a frontrunner along with Sheikh Jassim, a member of Qatar’s ruling family.

Both parties went public with their interest shortly after the Glazers announcement, making statements and expressing their intent. Multiple rounds of bidding have since passed, and matters became complicated earlier this year when it emerged some members of the Glazer family were hoping to keep minority stakes in the club.

But Ratcliffe now appears to be progressing with his offer, which could see the Glazers lose control of the club after 17 unpopular years. However, sources close to Sheikh Jassim’s bid quoted by 90min news channel say the Nine Two Foundation believe that the Glazers had long intended to stay at Man United in some form, although they have not yet given up hope of striking a deal.

Hundreds of Man United fans protested against the Glazers staying at the club prior to their recent win against Aston Villa at Old Trafford, demanding they sell up entirely.

90min previously confirmed that Raine Group have also received various offers from bidders looking to become minority investors in Man Utd.

• A Tell report