Birmingham chief executive Peter Pannu has revealed the club are in talks with two different parties about the possible sale of the club.
Reports have suggested that ex-Queens Park Rangers chairman Gianni Paladini is in pole position to buy the struggling npower Championship outfit.
However, Pannu has now confirmed to the Hong Kong Stock Exchange that there are two contenders in the running, saying in a statement: "The company has been approached by two prospective buyers to explore the possibility of buying Birmingham City FC."
Although Blues are not officially up for sale, Pannu announced earlier this year that the club was keen for new investment, while part-owner Carson Yeung is awaiting trial following allegations of money laundering.
The two parties have entered into confidentiality agreements with the club.
Update:
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