Targetfollow, led by Ardeshir Naghshineh, the biggest shareholder in Woolworths when it folded in January, is in talks to buy the former Millennium Dome.
Mr Naghshineh is in negotiations with Meridian Delta Limited (MDL), a joint venture between Quintain, the UK firm working on the regeneration of the area near Wembley stadium, and Australia's Lend Lease, which is working on the Olympic village. The 999-year lease that MDL holds on the Dome is thought to carry a £35m price tag.
The Dome, now known as The O2, plays host to some of the biggest music and sporting events in the country. Beyonce will hold a series of concerts in May and June, and it will be the venue for Michael Jackson's first live shows in 12 years this summer.
Targetfollow has a property investment portfolio worth £3bn.