Now Magnusson also wants to conduct "due diligence" but has yet to be given the green light by West Ham. He has not ruled out increasing his bid further if the figures are to his liking.

Magnusson said: "I remain very committed to this bid. I think West Ham is a great football club and I have put together a credible and very serious offer which I would like to discuss in more detail.

"At the moment it is frustrating but I hope the opportunity to move forward will come. I hope that people will see that my bid is very much a football bid. I want to invest and build a strong future."

Following an initial written offer, Magnusson is understood to have answered a number of the club's concerns about his bid.

He has revealed the identities of his backers - believed to be other Icelandic businessman - to the club and clarified details of the equity element of the funding. He also is willing to take on the club's Pounds 23m debt.

Unlike Joorabchian's bid, which involves Israeli property magnate Eli Papouchado, Magnusson insists his deal is not necessarily linked to the eventual sale of Upton Park.

As head of the Icelandic football association and a member of UEFA executive committee, Magnusson has been stressing his football credentials and it is understood he would make money available for new signings in the January transfer window.

He would also resign both his football administrative posts if the bid is successful. The latest deadline for Joorabchian's offer, which is for a similar amount to Magnusson's, was today - but this afternoon there was no sign of any formal announcement.