The Football Association (FA) has been offered a reported £800m bid to sell Wembley.
Fulham and NFL side Jacksonville Jaguars owner Shahid Khan made the offer, which was discussed by the FA at a meeting on Thursday.
It is believed Khan would pay £500m for the stadium and the FA will continue to run the Club Wembley hospitality business, valued at £300m.
Khan said: "We would strive to be the best possible steward for a venue that is iconic. Wembley would return to private ownership and the Football Association would be able to focus on its core mission of developing players.
"I trust many if not most of you are also supporters of the England national teams, so I hope you welcome the potential of this becoming a reality."