London's Daily Telegraph reported that Bahamas-based billionaire Joe Lewis, racehorse owner John Magnier and JP McManus, a well known racehorse owner and gambler, had agreed a price for several million shares held by Edwards.
It follows on from broadcast firm BSkyB's bid to buy United in an ambitious $1billion (#623m) deal. It collapsed after the UK government ruled against deal in a landmark judgement.
Edwards, who owns 36 million shares in the English Premier League champions, had stood to make more than #80million ($124.6 million) through the sale of his stake to Rupert Murdoch's BSkyB.
Shares in European champions Manchester United have risen following reports that a group of investors were preparing to buy a large chunk of the stake held by chief executive Martin Edwards.
