Sir Alex's peace pledge

It is also being speculated that as a result of the spotlight, Jason might resign his role in the Elite football agency he runs.

Magnier and McManus are waiting for the board's response before deciding on their next step, which could include calling an extraordinary general meeting of the club to hammer out the issues.

A deal with Ferguson, however, would take a lot of the heat out of the dispute and push the issue out of the headlines.

Magnier and McManus have not yet received a direct approach from Ferguson, United or their lawyers about talks but it is believed that an intermediary familiar to all parties is working on setting up a deal.

The intermediary has already spoken to the Irish and the club and is seeking a meeting with the United boss, although Ferguson is aware of the moves so far.

Ferguson would like the matter dealt with in a business-like and adult fashion and would attend a meeting rather than have it all resolved between lawyers.

A three-point plan has been put to both parties that would appear to involve Ferguson agreeing to one or two breeding rights per year to the record-breaking miler in return for dropping his action, an offer that was made to him before the dispute exploded.

The Irish would then issue a "call off the dogs" instruction.

Such a deal would be worth up to £100,000 a year. A prominent bloodstock expert described the latest proposed settlement as "the sort of money you or I could live off fairly comfortably but a piddling drop in the ocean in terms of what Rock Of Gibraltar is likely to earn over the next few years".

He added: "Rock Of Gibraltar covered nearly 160 mares in Ireland alone during 2003 and is currently standing at a fee of around £45,000 for every mare he covers.

"That comes to around £7m before you factor in what he earns by covering in Australia, so one or two nominations a year is a long way removed from the 50 per cent share Sir Alex was originally aiming for." Ferguson has expressed an interest in the breeding side of racing in the past, but the prospects of him ever breeding from Rock Of Gibraltar if his involvement in racing continues also seem remote.

Magnier's Coolmore stud is unlikely to welcome the idea of their former friend sending broodmares of his own to its hottest new stallion, and if the row is settled out of court Ferguson would probably sell his nominations back to Coolmore or to a third party on the open market.