Manchester United are reportedly expecting formal takeover bids to be submitted within "the next week or so."

The Red Devils have been owned by the Glazer family for the last 17 years since the Americans completed their full takeover back in May 2005.

However, following numerous protests and a lack of silverware in the post-Alex Ferguson era, United issued a statement in November revealing that the Glazer family would consider a full sale if it was in the club's best interest.

A statement read: "Manchester United plc (NYSE:MANU), one of the most successful and historic sports clubs in the world, announces today that the Company's Board of Directors (the "Board") is commencing a process to explore strategic alternatives for the club.

"The process is designed to enhance the club's future growth, with the ultimate goal of positioning the club to capitalize on opportunities both on the pitch and commercially.

"As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company."

According to the Daily Mail, the sale of Man United has attracted 'considerable interest' from potential buyers in the USA, the Middle East and Asia.

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The report adds that co-owner Avram Glazer held a number of informal meetings with potential investors in Qatar during the World Cup and the Red Devils are expecting formal takeover bids at some stage this week.

Manchester-born billionaire and INEOS owner Sir Jim Ratcliffe, a boyhood supporter of the Red Devils, is believed to be the current frontrunner to buy the club from the Glazers after expressing his interest last month.

Ratcliffe became the first to confirm his interest in purchasing Man United, with a spokesperson representing the 70-year-old telling The Times: "We have formally put ourselves into the process."

Ratcliffe, who also owns Ligue 1 club Nice and Swiss Super League side FC Lausanne-Sport, was in the race to buy Chelsea last year but failed with a £4.25bn bid, and the West Londoners were eventually sold to American Todd Boehly.

Investment bank the Raine Group, who previously dealt with Roman Abramovich's sale of Chelsea, are Man United's exclusive financial advisor who will oversee a potential sale or investment of the club.

The Glazers are believed to be looking to sell the 20-time Premier League champions for a price between £6bn ($7.22bn) and £8bn ($9.63bn), a figure significantly higher than the New York stock market's valuation of £3bn ($3.67bn).

Man United, who currently sit third in the Premier League table, are back in action when they welcome managerless Leeds United to Old Trafford on Wednesday.