The consortium fronted by life-long Aston Villa fan Michael Neville have submitted their bid - believed to be worth around #64 million - to buy the midlands club.
Neville was part of the consortium which included Irish property developers, the Comer Brothers, interested in taking charge at Villa last season when put up for sale by chairman Doug Ellis.
But Solihull businessman Neville has now obtained sufficient new backers, after the Comers cooled their interest, to make a concrete offer to Ellis to take control at Villa Park.
Ellis has been holding talks with the other potential buyer, American billionaire Randy Lerner, but is believed to still be waiting to receive a formal offer from the owner of NFL side Cleveland Browns.
Neville has lodged the bid with financial experts Rothschild, who have been representing Villa, and they will now inform the Stock Exchange of the offer.
Lerner is expected to follow in Neville's footsteps sooner rather than later and lodge a similar bid but it is Neville who has made the first official move.
He has already stated his desire to "make Aston Villa great again" and has made it clear he wants Martin O'Neill to succeed David O'Leary as manager claiming "any club would love to have him on board".
Neville said: "We have been working hard to get this bid done and our interest is definitely Aston Villa Football Club and what is best for it. It is an exciting prospect."
Ellis indicated nine months ago he was willing to sell and end his 31-year reign as chairman spanning two spells, from 1968-75 and then 1982 to the present day.
It seems inconceivable that he would decide not to sell now given Villa's current plight - disillusioned fans, a drop in attendances, a lack of manager and the need for investment.
Lerner is believed to have initially met Ellis a fortnight ago before he left for a holiday in Spain and ahead of the club parting company with O'Leary.
He was accompanied by investment banker and former Football League chairman Keith Harris who played a key part when Roman Abramovich purchased Chelsea.