Channel 4 and the sports management agency International Management Group are seeking to stage the match between Gary Kasparov, the champion, and Nigel Short, the British challenger. The bid was in direct competition with the offer from Manchester made last week.
The International Chess Federation (FIDE) is expected to announce the winning bid today in Lucerne, Switzerland.
FIDE was scheduled to make a decision yesterday afternoon, with only Manchester having made a suitable offer.
However, the last-minute approach by Channel 4 and IMG and the possibility of some foreign bids persuaded FIDE to delay its decision.