Liverpool owners Tom Hicks and George Gillett Jr confirmed on Friday that the club is up for sale, DPA reported.
They appointed British Airways chairman Martin Broughton as chairman, and have asked Barclays Capital to advise on the sale process.
A statement on the club's website said Liverpool have the "full support of its existing bankers for this process".
The news came as a Syrian businessman, Yahya Kirdi, claimed he was in advanced talks to buy the club.
Former Celtic player Andy Lynch has been brought in by Kirdi to act as a go-between in the deal.
"Talks are on-going with Tom Hicks and George Gillett and are at an advanced stage," Lynch told the Daily Mirror.
"The planned buy-out will have massive implications for Liverpool. Liverpool aren't the force they were so this is just what they need.
"I've been to Anfield on business recently and I'm acting as the go-between in the whole deal.
"Hopefully it's not too much longer before it's all done and dusted."
Meanwhile Manuel Garcia Quilon, agent of Liverpool manager Rafa Benitez, said his client had rejected an approach from Juventus in January.