The report adds that fresh investment into the club could be used to help upgrade infrastructure including the Old Trafford stadium.
"This is not about the money that has been spent or not spent. Jim is looking at what can be done now and, knowing how important the club is to the city, it feels like the time is right for a reset," the spokesman added.
It remains to be seen if the Glazer family will welcome any new investors to have a say in how the club is run.
In May 2022, Chelsea Football Club was sold to a consortium led by an investment group led by Todd Boehly and Clearlake Capital for US$3.2 billion (PS2.5 billion).
Ratcliffe failed with a late bid for Chelsea as he expressed his ambitions to control a major Premier League team.