Amanda Staveley, the former Newcastle United Football Club joint-owner, will on Monday be forced to clarify her interest in bidding for Premier League club Tottenham Hotspur following veteran chairman Daniel Levy's unexpected departure last week.
Sky News has learnt that PCP International Finance, a vehicle controlled by Ms Staveley, is expected to issue a statement following discussions with the UK takeover watchdog saying that she does not intend to make a formal offer for Spurs.
People close to the situation said on Sunday that Ms Staveley had been in discussions with prospective backers of a bid for the club in recent weeks.
Spurs' ownership is complicated by the fact that it is subject to the UK Takeover Code - governed by the Takeover Panel.
Under the provisions in the Code, PCP could yet return with a formal takeover bid for Spurs if invited to do so by the board of Enic, or if a rival bidder announces its intention to make a firms offer for last season's Europa League winners.
City sources pointed to these caveats as being particularly relevant to Ms Staveley's potential ongoing interest in Spurs.
Enic owns a stake of nearly 87% in the club, with the remaining shares owned by a group of minority investors.
Mr Levy reportedly owns a stake of almost 30% in Enic, while Joe Lewis, Enic's majority-owner, transferred control of his stake in Spurs to his family trust in 2022.
A source close to the Lewis family said on Sunday evening: "The club is not for sale."
His exit last week after nearly 25 years as Tottenham chairman was apparently driven by a desire to inject fresh momentum into the leadership of the club.
In a statement last week, it said: "Tottenham Hotspur has been transformed over the last quarter of a century.
"It has played in European competitions in the last 18 of 20 seasons, becoming one of the world's most recognised football clubs, consistently investing in its academy, players and facilities, including a new, world-class stadium and state of the art training centre."
Rothschild, the investment bank, had previously been engaged by Mr Levy to raise hundreds of millions of capital to invest in Spurs.
Those discussions are understood to have involved a range of parties in the past year.
Any takeover bid for Spurs, regardless of the identity of the bidder, would be likely to value at well in excess of £3.5bn for it to be deemed acceptable.
A spokesman for Ms Staveley declined to comment on Sunday evening.