The consortium featuring Lord Coe and the family that owns the Chicago Cubs intend to make a bid by the Friday deadline.
The group of investors are led by the Ricketts.
Coe joined the bid of Sir Martin.
The attempt to sell the club was halted after Roman was sanctioned by the UK government.
The move was made in the wake of Russia's invasion of Ukraine, which was believed to have ties to Russian president Vladimir Putin.
The Ricketts group bid includes a US hedge fund magnate.
A statement on Wednesday from the Ricketts, who have had a majority interest in the Cubs since 2009, said they would share further details in due course.
The owners of the Chicago Cubs can confirm that they will be leading an investment group that will make a formal bid for the club.
As long-time operators of a professional sports team, the Ricketts Family and their partners understand the importance of investing for success on the pitch, while respecting the traditions of the club, the fans and the community.
The bid is described as very serious by one source, with the family understood to have already done due diligence when they inquired about buying the club.
I am absolutely delighted to welcome Lord Coe to our bid, I am very much looking forward to it. His reputation speaks for itself, and he will bring phenomenal insight, leadership, and sporting knowledge to the club.
The group is expected to submit a bid in the next 48 hours.
Coe said he was certain that Sir Martin was the right man to lead the club into its next chapter.
Coe said that he is a lifelong fan of the Shed End and a season ticket holder. I am aware that this is for millions of fans of the team. We love our club and will always put the fans first.
The former British Airways chairman is now the chairman of a private investment firm. He was briefly the chairman of the club.
The people close to the consortium refused to tell the people involved in the bid who was financing it.
If the bid is successful, Coe would join the board.
More than 20 parties are interested in buying the club.
Nick Candy, a British businessman, said earlier this month that he was exploring a number of options for a potential bid.
On Wednesday, a former player of the club announced that he was working with Candy on his bid.
Tifosi is a mergers and acquisitions company.
The former Italian international said that he was proud to support the bid to buy the club.
If the bid is successful, the 57-year-old said they would try to be the best possible custodians of the club, knowing that it was important that supporter concerns were front and center of any owner's priorities.
Only a few interested parties have come forward so far.
Todd Boehly and Hansjorg Wyss.
Swiss billionaire Hansjorg Wyss and US businessman Todd Boehly are trying to take over the club.
Wyss told Swiss newspaper Blick that he had been offered the chance to buy the club.
The 86-year-old is worth an estimated $4 billion.
Boehly, who is a part owner of Major League Baseball's Los Angeles Dodgers, was previously linked with a takeover of Chelsea.
Bayrak is named Muhsin.
Bayrak says he will fly the Turkish flag in London soon, after he launched a bid to buy the club.
Bayrak is the chairman of AB Grup Holding, which he founded in 1999 and has investments in a number of sectors.
Bayrak's lawyer was going to be in London for talks last week, but sources close to Bayrak said he was determined to buy the club.
Others.
Other parties reported to be interested include New York Jets owner Woody Johnson and a Saudi Arabia-based consortium.
Jim Ratcliffe, a British billionaire who owns Ineos and Nice, has shown interest in buying a club, but he doesn't see it as good value.
The Wrigley Field stadium was renovated by the Ricketts family in order to create a winning team.
The Cubs won their first World Series title in more than a century in 2016 after a long wait.
Five million people attended the Cubs victory parade.
Thomas and his siblings sit on the board of the Cubs.
The family has a 25% stake in CSN Chicago.
A sale of the club is expected to happen by the end of March after positive conversations with the UK government.
The bid already faces an issue, as the matriarch of the family, Joe Ricketts, had to apologize for anti-Muslim comments he made in leaked emails.
According to a source close to the camp, Mr. Ricketts would not be involved in the bid by his children for the club.
The assets of Russian billionaire Roman Abramovich were frozen last week and he was disqualified from being a director of the club.
The UK government granted a special licence to the Blues.
Existing season ticket holders can attend matches, but a new licence will need to be issued for the club to be sold.
The club has won 21 trophies under the ownership ofAbramovich.
Uefa is seeking clarification from the European Union on future matches involving Chelsea.
Abramovich was sanctioned by the EU on Tuesday.
The last-16 tie against Lille in France, where the Blues hold a 2-0 advantage, went ahead.
The current holders of the trophy are the team that beat Manchester City in last year's final.
Uefa is committed to always implementing relevant EU and international sanctions.
Our understanding is that the licence issued in the UK allows the current case to be assessed and that the safeguard that no financial gain will result for MrAbramovich will be in place.
We will work with the EU and relevant member states to ensure we have full clarity and remain in lockstep with all relevant and applicable measures.
The government increased its cap on away travel as part of the club's operating licence, meaning that they will avoid a 10-hour round trip by bus for their FA Cup tie at Middlesbrough on Saturday.
The club was allowed to run day-to-day after the cap was set at 200,000.
The increase will allow the team to travel to the North East for the quarter-final tie.
The players and staff flew to Lille for the game because it was already arranged.
A spokesman for the club said that they were grateful for the government's continued attention to their requests.
The government has increased spending for home matches from $500,000 to 900,000.
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