George Gillett and Tom Hicks are looking to sell and several parties are reportedly considering a takeover.
Chinese businessman Huang revealed earlier this week that he was interested in investing in Liverpool, although he has yet to make a formal offer.
Reports in Thursday morning's press have now suggested that the Chinese government is Huang's mystery backer.
China Investment Corporation (CIC), is the country's overseas investment arm that was set up in 2007 and reportedly has $332billion to spend abroad.
Huang has yet to make a statement in response to the story but any potential buyer must be cleared by the Premier League.
Premier League chief executive Richard Scudamore will not look into the matter further until China's involvement is confirmed but says such a scenario would be acceptable.
"If they had the backing of the Chinese government we wouldn't have any problem with that, any more than we do the Manchester City situation, with effectively sovereign wealth out of Abu Dhabi," Scudamore told Sky Sports News.
Asked about China's human rights record, he added: "I don't think that is something we would get into. I don't think it is right to be going into detail."
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