Nick Candy, a British businessman, said he would give a seat on the board to a fan if he bought the club from Roman Abramovich, who is subject to UK sanctions.
The government froze the assets of Abramovich as a response to Russia's invasion of Ukraine.
The sale of the club was put on hold.
Candy was interested in making a takeover bid last week.
The sale process was halted on Thursday after the government asked about the consequences of the sanctions.
The Russian is making money from the club.
The club was granted a special licence by the government that allowed a sale to go ahead. It hasn't been granted yet.
Should his bid be successful, Mr Candy would advocate for a fan representative to join the board so supporters become part of the decision-making process.
Mr Candy cares about the future of the club and believes that the fans and the community are central to its continued success.
Dan Silver from the trust said they want someone on board who will veto crazy moves at the club.
He said that this is one of the most important moments in our history.
We have to focus on the football club now that Mr. Abramovich is gone. We have to focus on the best possible owners so we don't have a repeat in the future.
Candy will be at the home game for the Blues against the Falcons on Sunday.
The fixture is going ahead because of a special licence from the government.
It allows staff to be paid and existing ticket-holders to attend matches.
Money for match tickets which have not been sold, future gate receipts for FA Cup games or money from merchandise sold via the club shop are not allowed by the club.
The European champion will not be able to buy or sell players, or offer new contracts, while the sanctions are in place on the owner.
The credit card facilities were temporarily suspended while banks looked at the implications of the sanctions.
Candy is willing to provide finance.
If the club needs money in the short term, Mr Candy would be happy to help, subject to government approval.
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