Kroenke is yet to formally respond to Usmanov's bid, but has let it be known that he has no interest in selling.
Alisher Usmanov, the Russian billionaire who owns more than 30 percent of London's Arsenal Football Club, offered to buy out majority shareholder Stan Kroenke, according to two people with knowledge of the situation.
The Financial Times report that Usmanov, 63 - already a 30% stake owner of The Gunners - conveyed an offer in writing of his desire to take full control of the club to current "owner" and USA sports mogul Kroenke.
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Last month Usmanov was damning in his assessment of Kroenke and the Arsenal board, insisting they must "bear huge responsibility" for the club's struggles this season.
Usmanov, 63, is a strong supporter of under-fire Arsenal boss Arsene Wenger.
How Usmanov would account for any potential purchase and future expenditure remains to be seen, but these questions - and many more - need to be answered him since it's very clear Kroenke has left the door slightly ajar to a bigger, historic counter-offer, something Usmanov clearly has the funds and appetite for.
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'I don't think the coach alone is to be blamed for what's happening, ' he told Bloomberg.
The bid, first reported by the Financial Times, values Arsenal at $2bn, and comes at a time when Kroenke is facing pressure from fans to leave the club amid widespread displeasure with the team's results this season. "I can suggest that Wenger himself can prepare a successor".
If Arsenal fail to clinch a top-four place it will have a significant financial impact for the club as it they will not qualify for the lucrative Champions League competition. Usmanov on the other hand is anticipated to have twice the wealth of the American businessman, an opportunity that Arsenal fans would surely desire at the club right now.
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He now owns a whopping 30.04% after buying up the shares of Farhad Moshiri, now at Everton, to become the club's second largest stakeholder.