Hull City want a takeover of the club to be completed before the start of the January transfer window.
The Premier League club has been up for sale since 2014 when chairman Assem Allam had his bid to change their name to Hull Tigers rejected by the Football Association.
Sky Sports News HQ understands four parties remain interested in buying the club but a deal remains incomplete.
City are 18th in the table, after taking 10 points from their first 11 games, and confirmed Mike Phelan as their new permanent manager last month after a long spell in interim charge.
A club spokesman said: "The process of due diligence is ongoing but it is unclear whether this will be completed before or after the transfer window.
"If the takeover of the club can't be done before the window then talks will be suspended."