Saracens chairman Nigel Wray has confirmed the club are in discussions with a South African company that could see the Guinness Premiership club receive a substantial cash injection.
Talks are ongoing between the South African business and Premier Team Holdings, the parent company which owns Saracens.
Any new partnership could possibly provide the funds to help Saracens deliver a new purpose-built rugby stadium.
At the moment, they play their home games at Watford Football Club's Vicarage Road ground.
"We are in discussions with a South African-based company," Wray told the official club website, www.saracens.com.
"But from my own personal experience of such deals, they are never done until all the documents are signed. Some happen, some don't.
"It is an exciting opportunity for Premier Team Holdings - the company which owns Saracens, RT Marketing, MBN Promotions and a major shareholding in the National Sporting Club - to expand as a business and share ideas and join up with a group that does similar things to us in a different country.
"The discussions involve an investment in Premier Team Holdings, and not a sale of shares.
"I can assure you the existing shareholders remain as committed as ever to the development of the group.
"Any potential deal will not affect the ownership or control of Saracens, and both I and the board of directors remain fully committed to the club and taking us forward."