Aston Villa have opted against appointing a new manager until they find a buyer for the club.
The Midlands outfit, who have been relegated to the Championship, have been up for sale since the summer of 2014.
Chairman Steve Hollis released a statement on Friday confirming that the club are in negotiations with prospective buyers, who he believes have the "passion and ambition" to take Villa back to the Premier League.
Manager Remi Garde left his post by mutual consent in March, but his replacement will not be chosen until a takeover has been completed.
A statement from Hollis read: "We are in very constructive negotiations which could lead to the sale of the club to a new owner.
"There has been no shortage of parties who would like to own Aston Villa but our negotiations are now with those parties that we believe will have the passion and ambition to return the Club to winning the highest honours in European football.
"The appointment of the manager is at this time inextricably linked to the current negotiations."
Villa are at the bottom of the Premier League table having picked up just 16 points from 36 games.