The bid has been confirmed by Leicester chairman Greg Clarke who said further details of the bid would be announced at a press conference on Wednesday.
The club, whose shares were suspended on October 10, has been hit hard by its relegation from the Premier League last season and has been unable to control its spiralling player wage costs.
Despite a new stadium (the Walkers Stadium - Lineker pictured at its official opening) and successful start to the season, it confirmed in a statement to the London Stock Exchange that it is to ask the High Court to be placed into the hands of administrators.
Lineker, one of the UK's most popular soccer stars of the past, has recently carved out a new career, as the main presenter of the BBC's soccer coverage.
Former England star Gary Lineker has emerged as the head of a takeover bid for his former team Leicester City - the listed English First Division soccer club which has been placed into administration.
