Bradford City are still waiting to hear if Aston Villa are prepared to give striker Stan Collymore a free transfer.
The Midlands club have given permission to the Bantams and Leicester to talk to the England international.
But chairman Geoffrey Richmond, who describes the proposed deal as "the biggest gamble in our history", will not enter into negotiations with the player unless Villa agree to waive their right to a transfer fee.
Collymore cost Villa £7m when they signed him from Liverpool and would like to recoup some of their outlay in a player who has been beset by personal problems.
Richmond said: "We are not yet in agreement with Villa with regard to the terms on which he could join. They are currently looking for a fee and if that position were to be maintained then that would rule us out.
"Before we can speak to the player then the situation with Villa first has to be resolved. But we think Stan Collymore has been a good player in the past and can be a good player again.
"I think coming to a place like Bradford City would be very good for him.
"What happened in the past has no bearing on Stan Collymore at City. As with any good gamble there's always an upside and a downside, but we believe this is a risk worth taking.
"You have to assess the situation. You look at the upside and you look at the downside and we think having Stan Collymore would benefit us."
City want Villa to give Collymore a free transfer so that they can meet his personal wage demands.
Collymore is believed to earn around £20,000 a weekwhich is way above City's current top salary.
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