But Mandaric told BBC East Midlands Today he is looking for a partner to help take City to the Premier League and that has been the case for months.
He said: "I may sell a small part and stay as chairman but if the deal is not right for the club I won't sell."
Mandaric spoke of his interest in bringing further investment to the club when new manager Paulo Sousa was unveiled last month.
And he once again confirmed he has been speaking to a number of interested parties but says those talks are ongoing.
A club statement added: "If any discussions with any interested parties lead to concrete agreement regarding a partnership to assist in moving the club forward, Leicester City fans will be the first to know."
Mandaric eager to attract further funding
Source: BBC Sport
Source: BBC Sport