Colonel Gaddafi owns a stake in Juventus

"I've been told that Gaddafi and his son are interested in acquiring Palace," the club's chairman Simon Jordan told the Guardian.

He said that as yet there had been no formal approach from Gaddafi, who already owns 7.5% of Juventus.

But Jordan, who took over Palace four years ago, added: "If it's beneficial to the club, it will be considered."

I have achieved what I have set out to do. I don't enjoy football any more

Simon Jordan

However, he did concede a deal with the Libyan leader could prove unpopular with fans.

"At the end of the day, many people might see Roman Abramovich's involvement at Chelsea as less than palatable, but he is moving the club forward.

"If Gaddafi's money was able to progress Palace and allow them to compete at the top of the tree and be a successful football club, then one would have to take that into consideration," added Jordan.

Jordan, meanwhile, is looking for a way out of the game after seeing Palace promoted in May, an achievement which means the club is financially stable after years of struggling in the Football League.

The 36-year-old millionaire said: "I have achieved what I have set out to do. I don't enjoy football any more."