Video: West Brom edge closer to takeover

Mr Peace is now into the final throes of discussions that will decide whether he sells his controlling stake.

And the Baggies chairman – who is believed to want more than £150m for his shares – still believes a deal can be done to hand over the reigns at The Hawthorns to overseas investors.

Mr Peace imposed a cut-off point of the end of May to decide whether a deal was on the cards, insisting he would call a halt to negotiations if an agreement was out of reach.

But the 58-year-old, who joined the Albion board in 2000 and became chairman in 2002, is still in talks with interested parties in a clear indication he believes they are credible potential owners.

The bidders, whose identity is yet to be revealed, have completed 'due diligence' and been impressed enough with the Baggies' accounts to take their interest forwards.

But the outcome of talks is now likely to hinge on whether they meet Peace's asking price for West Bromwich Albion Holdings, which is controlled by him and holds nearly 90 per cent of the club's shares.

Groups from the United States and the Far East are understood to be the most likely buyers although Mr Peace has also spoken to bidders from Australia.

Mr Peace wants a deal done by the end of June and Baggies sources insist plans to improve the Baggies' squad for next season are moving ahead as normal.

Head coach Tony Pulis is due to take a 'working holiday' in the next week but discussions with potential signings are taking place.

With the transfer market notoriously quiet in June, no firm deals are expected to be done for several weeks.

Mr Peace is adamant the uncertainty about the club's future will not hamper Pulis's efforts to add to his squad, with major surgery needed over the summer after several of last season's new signings failed to make an impact.

Mr Pulis's presence has been a major part of Peace's sales pitch, with the Welshman likely to stay in charge of the team regardless of any ownership change.

Mr Peace could now cash in on the big-money Premier League broadcast rights deal, which kicks in next year.

The Baggies received almost £73m from the Premier League in TV and prize money last season and that figure will rocket further from 2016 if they avoid relegation next season.