The Baggies could be in foreign ownership by the start of next season as he is already fielding inquiries from groups from America, the Far East and Australia.

But he is ready to shelve the hunt for a buyer if a deal is not done by the start of pre-season training in early July.

Peace has held preliminary talks with a series of potential overseas investors with at least one consortium given a tour of The Hawthorns and the Baggies training ground near Walsall.

Hawthorns sources have confirmed several groups are interested but none are British-based and no firm offers have been lodged. A sale would put the club in foreign hands for the first time in its 137-year history and net Peace a huge profit after he bought his majority stake for just a few million pounds a decade ago.

John Homer, chairman of West Bromwich Albion Supporters' Club, said: "It's a sign of the times and we can all see the number of foreign owners in the English game now.

"But the key phrase now must be 'due diligence' to make sure that any potential owners are fit and proper people to run the club.

"That's no disrespect to any of the people who have shown an interest but there are a number of cautionary tales around the country at the moment where foreign owners are concerned and I'm sure a lot of fans would feel a little uncomfortable at first.

"In my heart of hearts, as a proud Black Country man, I would love a businessman from the Black Country to step in and take over but I suppose how possible that is depends on the price, and that's not to say a foreign owner would be wrong because they could be good people. It's just important that the correct due diligence is done."

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An asking price of between £150m and £200m has been discussed with potential buyers, valuing the Baggies much higher than was originally expected when Peace invited offers earlier this year. The increase is due to the new three-year, £5bn Premier League broadcast rights deal, which is expected to increase to around £7bn when overseas rights are sold in the next few weeks.

But Peace wants a sale concluded before the Baggies players return for pre-season training at the start of July to avoid compromising head coach Tony Pulis's summer transfer dealings and is prepared to put any deal on hold if it is not completed in time. That would mean identifying a preferred buyer by May to allow time for agreements to be reached.

Pulis has been kept informed of developments and his presence as the reigning Premier League Manager of the Year is one of Albion's key selling points.

However, Mr Homer still believes finding a buyer to make a firm bid could be difficult. He said: "For a club of our size, the stadium and the training ground is second to none, but at the end of the day we are only a 'town team' and there is only so far we can go in our catchment area.

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"That's not being disrespectful, because I and many others are proud that we are a town team and proud of what we achieve." Peace, who owns 77 per cent of Baggies shares, confirmed in mid-February that he was willing to sell to a suitable investor, although he stressed he is keen to ensure the club's future is protected. In the statement he said: "I stated in 2008 that I was open to proposals regarding investment in the club.

"I will not stand in the way of a new owner, providing they convinced me their intentions for the club were in keeping with its traditions and values and their ability to deliver on them was realistic. Nothing has changed in that regard. The announcement of a new and record media rights deal for the Premier League from season 2016-17 is sure to mean that there is once again huge interest in the brand.

"It was only right and prudent, that at such a moment we should present the club to the investment market. I believe it is a sound company – an extremely solid football club with no debt, significant assets, a developing infrastructure and reasons to be confident."