Sheikh Jassim bin Hamad Al Thani, the chairman of one of Qatar's biggest banks, has confirmed his foundation will bid to buy Manchester United.
The move comes ahead of Friday's 22:00 GMT 'soft deadline' for submitting proposals.
It is the second bid to be made public after businessman Sir Jim Ratcliffe stated his interest last month.
In a statement, the Qatari consortium said: "The bid plans to return the club to its former glories."
The Glazer family, who bought United in 2005, are considering selling the Old Trafford club as they "explore strategic alternatives".
And the Qatari consortium added: "The bid will be completely debt free via Sheikh Jassim's Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the club supports.
"The vision of the bid is for Manchester United to be renowned for footballing excellence, and regarded as the greatest football club in the world."
Described as a life-long Manchester United fan, Sheikh Jassim is chairman of Qatari bank QIB and the son of a former prime minister of Qatar.
The statement from the consortium did not provide any details on the amount proposed in the bid for the club.
There are also expected to be at least two offers for United from the United States, while there have been suggestions of interest from Saudi Arabia.
That means there could be up to five parties trying to negotiate a full sale, with others looking to make a smaller investment in return for a partial stake in the 20-time English league champions.