Arsenal majority shareholder Stan Kroenke responded Monday to speculation about a possible takeover by insisting his company KSE UK's shares in the English Premier League club "are not, and never have been for sale".
Reports in Usmanov's homeland (via the Sun) claim that he is set to double his offer to buy out the man dubbed "Silent Stan" after becoming concerned over the manner in which the Gunners are now being run by the American.
Usmanov's offer values the club at as much as 2 billion pounds ($2.6 billion), the people said, asking not to be identified discussing a confidential matter.
Gab Marcotti and Steve Nicol disagree on how Arsenal players would react if Stan Kroenke sells the club.
As noted by Sky Sports, it had been suggested that Usmanov has launched the buy-out bid, and although there has been no immediate response from Kroenke, it's widely expected that he'll reject the proposal.
"Two weeks ago, I thought something could realistically happen. Now I am not so sure".
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He was a target for Arsenal fans during Sunday's 3-1 victory over Everton at the Emirates Stadium, with supporters chanting and holding banners telling him to leave the club.
Mr Usmanov is not planning on disposing of his stake and the offer to buy out Mr Kroenke came from a desire to work co-operatively and strengthen the team, one of these people said.
"Some continuity is needed", Usmanov said in comments reported by Bloomberg last month.
Kroenke owns the L.A. Rams, Colorado Avalanche, Denver Nuggets, and Colorado Rapids of the MLS.
Given Arsenal are poised to miss out on UEFA Champions League qualification for the first time since Wenger took charge, there will be pressure to invest heavily in the team this summer.
The Gunners have just endured their worst campaign since Arsene Wenger took over as boss back in 1996, although their campaign can seemingly be saved with a last-ditch entry to the Champions League, as well as having the FA Cup final to play out.