Saudi Media Group and New York Jets owner Woody Johnson are out of the running to buy Chelsea.
US bank The Raine Group is overseeing the sale process after sanctions were placed on current owner Roman Abramovich.
A shortlist is set to be announced, but reports have claimed some offers have already failed.
Saudi Media Group is disappointed that they have not made the final cut of prospective owners.
Johnson has also been notified that his bid was unsuccessful, along with a number of other bidders, per Sky Sports.
Aethel Partners are another offer that has been rejected by the Raine Group.
The leading candidates to win the bid are a consortium led by Todd Boehly, the LA Dodgers part-owner, and Sir Martin Broughton.
A joint bid by the Ricketts family and Ken Griffin, the hedge fund billionaire, is also a serious contender.
The group led by Nick Candy are also hopeful of making the final three or four.
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