Chinese firm Suning Commerce Group is nearing a 70 percent stake purchase of Italian Serie A team Inter Milan, according to recent reports.

China Daily indicated that "top executives from Italian soccer club Inter Milan will travel to Nanjing over the weekend to speed up negotiations for the sale of a majority stake in the club" to the abovementioned Chinese company. It was also noted that it would be the second visit of the Inter delegation "in less than a month".

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The first time La Beneamata's senior officials, led by CEO Michael Bollingbroke, visited the Suning head office in Jiangsu was in May and initial discussion said to have taken place at that time.

Suning Chairman Zhang Jindong is said to be presently keen on buying up to a 70 percent stake of the football club as the initial offer was 20 percent.

With the Italian squad valued at €500 million, rumors were out that Suning is prepared to spend up to €750 million to "seal the deal".

However, no official reports are out and so everything is still speculation at the moment.

"There's no news right now, we've just left it where it was with the Suning group taking 20 percent, but if there are any developments, then it could come to this situation (of selling 70 percent)," said former Inter Milan president Massimo Moratti, who still owns a 30 percent stake in the club, as per ESPN.

"This still needs to be evaluated and it will depend on the conditions, the timeframe and how serious they are," he added.

Internazionale is the second Italian top flight club that drew the interest of Chinese investors as reports came out last month that Alibaba tycoon and Guangzhou Evergrande co-owner Jack Ma is reportedly on the verge of taking over the city's other squad, AC Milan.

If the I Nerazzurri deal pushes through, it will be added to a growing number of Chinese-held football groups around the world, with English Premier League squads Manchester City and Aston Villa and Major League Soccer team New York City FC now all owned by Chinese businessmen.

TagsChina Football, Chinese Super League, Jiangsu Suning, Suning Commerce Group, Inter Milan