West Bromwich Albion chairman Jeremy Peace has revealed that one party has been given "exclusivity" to purchase the Baggies.

The Premier League side hope to announce their new owners at some point this month, but at the moment the bidder is unnamed.

In a statement on their official Facebook page, West Brom said that they had held discussions with "several interested parties".

"This process should be completed by the end of this month and in the meantime, the club wishes to assure supporters preparations for the new season will remain unaffected," it read.

"The chairman, head coach Tony Pulis, chief executive Mark Jenkins and Richard Garlick, the director of football administration, have met to discuss and progress future transfer targets.

"They remain in constant dialogue over the re-shaping of the first-team squad for the 2015-16 Barclays Premier League campaign."

Peace, who has been chairman since 2003, is said to value the club at between £150m and £200m.