Massimo Cellino held talks with Milan Mandaric prior to buying Leeds United, the Yorkshire Evening Post reports.
The Italian business made a majority purchase of the Whites in early 2014, branching out from Serie A to the English Championship.
He was keen to get involved in the second tier of English football, and before discovering Leeds were on the market, he held talks with their local rivals - and opponents this weekend - Sheffield Wednesday.
He was seriously interested in taking control of the Owls when Milan Mandaric was looking for a buyer, and it is stated that the pair even held talks about the Italian purchasing the club.
This suggests that a deal was certainly in the works, before Cellino opted to instead buy Leeds instead.
Mandaric ended up selling the Owls to Dejphon Chansiri, who has put money into the club to try and win promotion to the Premier League.
Cellino has endured a tougher time at Elland Road, having spent part of his stay in Yorkshire under investigation, and never truly earning the trust of the Leeds support.