The Egyptian millionaire has been in charge of the club since 2010, in which time they have been in the Premier League and reached the FA Cup final.
However, due to increasing tensions between the fans and the ownership over an attempt to re-name the club, Allam decided to put Hull CIty up for sale.
Now, reports in the 'Hull Daily Mail' suggest that a consortium of investors, including the Hull City Supporters' Trust, have tabled a bid of £45 million.
Should the amount be accepted, it would see fans have a seat at the board and have more say in the running of the club, something that all fans of the 'Tigers' have been crying out for.
The team currently sit bottom of the Championship.