Rumors are out that Evergrande chairman Xu Jiayin is planning to initiate a West Bromwich Albion takeover as the English Premier League side is reportedly offered up for sale by its owner Jeremy Peace.

The 58-year-old business magnate, who has close ties with Alibaba exec Jack Ma, is said to have a "personal wealth of more than £7.6 billion" and could use such to instigate the purchase of a majority stake of the Hawthorns club from Peace, according to the Birmingham Mail.

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Ma, who is also spearheading the buyout of Italian Serie A club AC Milan, was initially speculated to be the buyer in the Hawthorns deal, but recent rumors are emerging that it was Xu who is the real instigator of the West Brom takeover. Ma is also a majority stakeholder of Evergrande, as per WBA Vital Football.

Speculations had been rising during the past month that the Baggies are about to be sold to an unknown Chinese conglomerate as the would-be owners were said to have been consulted about impending transfer deals this summer, such as the submission of the £9 million proposal to reigning Premier League champions Leicester City for their winger Jeffrey Schlupp.

Xu will of course have the financial backing of his Chinese Super League squad, Guangzhou Evergrande, who are known for their huge investments in the sport that resulted in five straight domestic top flight titles and two AFC Champions League trophies in the last three years.

One of the team's most recent investments is the signing of former Atletico Madrid striker Jackson Martinez for a then Chinese transfer record of £32 million.

Meanwhile, it was also reported that a West Brom ownership change does not necessarily mean that current head coach Tony Pulis will be replaced as well.

There were speculations that once the new owners take over, the 58-year-old Welsh mentor will immediately be shown the door as they will bring their own bench tactician with them.

However, those rumors remain as rumors as there are no clear indications that it is the intention of Xu and company.

TagsChina Football, Chinese Super League, Chinese Super League news, Guangzhou Evergrande, Xu Jiayin, West Bromwich Albion FC