Syed, a 36-year-old lawyer, wants to complete a buyout of the Ewood Park outfit within two weeks and hand manager Sam Allardyce £100m (€121m) to spend on players before the transfer window closes.

Rovers, who are run by the trustees of late owner Jack Walker’s estate, have been looking to sell the club to a suitable bidder for the past three years.

By confirming they were now in talks with Syed, the club have given their clearest indication yet they believe they may have found a credible option.

A short statement read: “Blackburn Rovers can confirm that officials have held a cordial and productive meeting with Western Gulf Advisory (WGA) staff and advisers concerning a proposed takeover of the club. The process is ongoing.”

The prospect of a multi-millionaire funded Rovers revival rekindles memories of their 1990s heyday.

Backed by steel magnate Walker, the club embarked on a lavish spending spree that peaked with the 1995 Premier League title.

Like Walker, Syed claims to be motivated by a “passion” for the game and not business opportunities.

He also says he will not set Allardyce lofty and unrealistic targets, will not interfere directly with team matters and wants to revamp the 31,000-capacity stadium.

News of Rovers’ interest in speaking to Syed was given added poignancy as it came on the 10th anniversary of Walker’s death.

“It is hard to believe it is 10 years since he died, his presence is still felt everywhere in the club,” chairman John Williams told the club’s website, www.rovers.co.uk.

“You just have to look around to see what a magnificent legacy he left us. Jack didn’t just put his money in the club, he breathed life into the club. He truly was the architect and catalyst for today’s Rovers.”