American hedge fund Elliott Investment Management are reportedly prepared to fund a £2bn redevelopment of Old Trafford even if they are unsuccessful in their Manchester United takeover bid.
The Glazer family confirmed in November that they would "consider all strategic alternatives, including new investment into the club, a sale, or other transactions".
Elliott have sent an offer to the Raine Group, who are exploring a potential deal on behalf of the Glazer family.
The American hedge fund, which is led by billionaire Paul Singer, has previously been involved in football after owning Italian giants AC Milan between July 2018 and June 2022 before selling to private equity firm Redbird.
Elliott's bid is one of three that have been made public after Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe confirmed that they have tabled offers for the club.
Sheikh Jassim is keen to complete a full takeover of Man United, while Ratcliffe is aiming to buy out the 69% that is currently owned by the Glazers.
According to the Daily Mail, as well as offering to buy the club, Elliott have also submitted a proposal to fund the stadium if the Glazers decide to retain control or sell to another buyer.
Elliott's offer may interest the Glazer family, who are reportedly weighing up whether to give up full control of the club.
A recent report claimed that Joel Glazer and his brother Avram Glazer are reluctant to sale, which differs from the stance of four of their family members.
Developing Old Trafford is expected to be a priority for any potential buyer, and the club have already been presented with options for potential upgrades to the stadium.
Architects Populus, who designed the Tottenham Hotspur Stadium, have submitted plans which include a £1bn redevelopment or a new stadium for £2bn.
Avram Glazer was in attendance at Wembley on Sunday to watch Man United beat Newcastle United in the EFL Cup final, ending the club's six-year wait for a trophy.
The quadruple is still a possibility for Erik ten Hag's side, who will face West Ham United in the fifth round of the FA Cup on Wednesday.
