Portsmouth have assured supporters that they have "a robust plan in place" for any takeover amid reports that former Walt Disney Corporation chairman Michael Eisner is keen to buy the club.
The Portsmouth News reported that Eisner, 75, wants to become involved in English football and has targeted the League Two promotion challengers.
Portsmouth, who were in the Premier League until 2010, became a fan-owned club after twice falling into administration.
And the club's board said any takeover would have to be backed by its shareholders, all of whom are Portsmouth fans.
"Since the club's exit from administration in 2013, the board of directors and staff have worked tirelessly to restore our fans' faith in the club and -- as club custodians -- have continually striven to improve both on and off-field performance," a club statement said.
"A cornerstone of this work has been our openness and transparency with shareholders and supporters alike, while at the same time also respecting the confidentiality and commercial sensitivity of business agreements and contracts.
"We would like to assure all shareholders and supporters that we have a robust process in place to deal with any potential offers of investment."
The statement said that if a stage was reached at which such an offer arrived, "ultimately it will be for all our shareholders to decide."
"We believe this to be the true definition of a fan-owned club, allowing those supporters who have invested to have the final say on the future direction of the club," the statement added.
Portsmouth said they would not be making any further comment on the matter for now.
The Portsmouth Supporters' Trust said it had a "duty to listen to any serious and credible offer for the football club."
It added in a statement: "The three Portsmouth Supporters' Trust directors of Portsmouth Community Football Club will be fully involved in discussions.
"We understand how much owning your club means, and retaining an ownership stake will be central to any discussions we enter into."