Sir Jim Ratcliffe has reportedly moved closer to completing a takeover of Manchester United.

Ratcliffe has long been viewed as one of the frontrunners to buy the Red Devils alongside rival bidder Sheikh Jassim bin Hamad Al Thani.

There was a belief that Ratcliffe moved ahead of Sheikh Jassim and other prospective investors following the third round of bidding.

The INEOS chief executive allegedly presented a final offer that could reach as much as £6bn, which is believed to be the Glazers' asking price.

Sheikh Jassim, who is looking to complete a 100% buyout of Man United, failed to match Ratcliffe's bid, submitting an offer below the £5bn mark.

© Reuters

Following the latest developments, The Times are reporting that Ratcliffe is closing in on completing a takeover, with the Glazers willing to discuss details of a potential sale.

The current Man United owners and the Raine Group, who are working on the transaction, are set to enter final talks with the British billionaire.

The report claims that Ratcliffe's final offer and his willingness to keep Joel Glazer and Avram Glazer on board have helped him move to the front of the queue in the bidding process.

Ratcliffe's original proposal was to buy the 69% owned by Joel and Avram Glazer, but his new offer will see the pair retain a 20% in the club.

© Reuters

There is still considerable work to be done before a deal can be agreed though, with issues regarding A-shares and B-shares needing to be resolved, which could take several weeks.

Sheikh Jassim may also decide to return with a last-ditch bid that could make the Glazers reconsider selling to Ratcliffe.

There have also been various offers from US-based investment funds, who are proposing to buy a minority stake in the 20-time English champions.

However, as it stands, Ratcliffe and INEOS could be officially named as the preferred bidder in the next few days.

Erik ten Hag, meanwhile, is currently preparing his players for a home meeting with Wolverhampton Wanderers on Saturday afternoon, as Man United look to move one step closer to Champions League qualification.