The British billionaire and Qatari banker Sheikh Jassim are both battling it out to purchase the club off the Glazer family.
Sir Jim Ratcliffe is not giving up on his hope of buying Man Utd Credit: PA
Despite the American owners putting the side up for sale last November, no deal has been struck and negotiations have now hit a stalemate.
However, Ratcliffe, 70, has not given up on his attempt to buy United.
The Ineos chief and his advisers are looking to restructure their bid to end the takeover saga, claim Bloomberg.
Ratcliffe made a proposal to buy 69 per cent of Man Utd earlier this year but the offer was not popular with minority shareholders, including Lindsell Train, Ariel Investments LLC and Eminence Capital.
It led to a chief reportedly threatening legal action should a sale benefit one party more than other.
Ratcliffe is now looking to address these concerns with him ready to make a fresh approach.
The Glazers are holding out for a supposed £6billion with some claiming a bid closer to £10billion would make all the siblings happy to sell.
News broke earlier this month that the owners were in fact no longer open to walking away and it led to the club's share price plummeting.
It dropped by a whopping 21 per cent before bouncing back slightly to 18 per cent down, meaning it was Man Utd's worst ever day on the stock exchange since it joined in 2012.
The crash wiped £600m off the team's value, leaving the valuation at £3.3bn.
Meanwhile, under Glazer ownership debts hit £1billion for the first time after third-quarter results showed that outstanding payments have increased by £31m, claim The Mail.
There has been increasing fan fury and there has been several anti-Glazer protests over the last few seasons.
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