Liverpool chairman Martin Broughton has insisted no price tag has been put on the club and the neither Tom Hicks nor George Gillett can veto a sale at this stage.
Hicks has been quoted as suggesting the asking price for the club could be as high as £800 million and they would hold out for the best offer.
However, Broughton - appointed by Barclays Capital - confirmed neither American co-owner can block a sale and that the highest bidder would not necessarily be the successful party.
"The process is well under way. The owners have stepped aside, stepped down. I'm overseeing the process and Barclays Capital are running the process," said the British Airways chairman today.
"The owners can't block the sale of the club. I read all too frequently numbers being floated about in the media, normally associated with Tom Hicks' name. I would like to make it clear there is no number. There is no base line.
"This is a willing buyer, willing seller auction. We will do a deal with what we consider to be the best bidder.
"The best bidder may not be the highest bidder. It's about more than just money. It's about stadium development, the team and the whole piece.
"Once we've been through the process, the best bidder gets it."
Despite this, Broughton admitted there have been no bids as yet but he expects some within weeks before the process continuing with a view to a final sale being completed by August or September.
"There have not been any offers at this stage," he said, having unveiled Roy Hodgson as the new Anfield manager. "There haven't been any offers to turn down and I wouldn't have expected there to have been at this stage.
"There are a number of interested parties but there's no specific deadline on it.
"We are looking to the middle of July-ish for the first round of bids but that's not a final stage - that's a first entry through.
"We're hopeful - and I wouldn't put it any stronger than that - that a deal can be done by the end of the transfer season.
"That was always from the outset a hope rather than necessarily an expectation, because these things can take time.
"We are on course, pretty well, with where we would have expected to be."
When meeting the press for the first time as Liverpool boss this afternoon, the 62-year-old Hodgson, who took over from Rafael Benitez this morning, said: “This is a very big club, a club with enormous tradition and when the club is sold it will get stronger rather than weaker.
“My priority is to try to get the team doing better than last season and get them back into the Champions League spots.”