Magnusson confirmed to the Daily Telegraph that he has made an approach to the Hammers board of directors about a bid to rival that of Iranian businessman Kia Joorabchian.
“We are at the very beginning, we have shown an interest but there is some way to go.
“We need to see everything before we make a bid but West Ham are a great club with a great history and good reputation. They have a very good manager and great players and are backed by fantastic support.
“I want to stress I am a football man and that this is about football and nothing else.”
News of a second consortium readying a bid for the club will come as no surprise to many in the City after the Hammers revealed pre-tax profits of £6 million for the year up to May 31st.