Cambridge Fans United has submitted a bid for the U’s which would see the Blue Square Bet Premier side become a community club.
United were put up for sale in January followed by the club’s landlords moving plans forward for a new stadium and sports village. CFU declared an interest last month and it now seems the group is prepared to make a bid.
CFU’s vice chairman Robert Osbourn told BBC Radio Cambridgeshire: "As a supporters trust club we would need to be not-for-profit and sustainable. We need to involve everyone in this area and not just be about football."
U’s chairman welcomed Paul Barry was open to the proposal with director of communications Gary Aytes confirming the club has received various approaches and that a fans takeover would need support from locals.
"We've spoken to a number of businesses and potential investors because we need to know how to underpin this, particularly in the short term during the close season," he said.
CFU will be allowed to look over the club’s finances in the coming weeks.