England's Football Association is in negotiations to sell Wembley Stadium, the home of the national soccer team, to US billionaire Shahid Khan, owner of the Jacksonville Jaguars.

A spokesman for the FA confirmed on Thursday it had received an offer to buy the stadium and British media said the deal could be worth up to 1 billion pounds ($1.40 billion).

Under the plan, the FA would keep Wembley as the main venue for major matches, including England internationals and the FA Cup Final, but the national soccer team could play elsewhere in October and November due to clashes with the U.S. National Football League (NFL) season.

In a statement Khan said his bid was not a precursor to moving the Jaguars, who have played one home NFL game per season at Wembley since 2013, to London permanently.

"For the Jaguars, it would deliver another - and very significant - asset and local revenue source that would further strengthen our investment in London," Khan who is also the owner of English second tier soccer team Fulham, said.

"Today's news changes none of what we envision for the long-term promise for the Jaguars here in Jax, and it changes nothing as to the goals we have for your downtown."

British media reported that Khan, who is worth $7.2 billion according to Forbes, is ready to pay more than 500 million pounds.