According to the report, two consortiums - one backed by European finance and another with American investors - are keen on a £50million deal.
It was suggested, though, that the asking price could rise to £70million should Jack Ross' side seal promotion this season.
Donald revealed on Thursday to BBC Newcastle that he had received an offer to sell the club when on a trip to Mexico.
Barnsley are favourites to land Hartlepool United starlet Connor Rennison, TEAMTalk understands.
The 16-year-old is wanted by household names such as Newcastle, Leeds and Middlesbrough, however The Tykes are thought to be in the driving seat.
Rennison is training with the Oakwell-club, where he is expected to be offered a professional deal.
He is only a scholarship contract with the National League North club, meaning he is able to move to Barnsley before the end of the season.
Receiver Paul Cooper has taken the first step in selling Blackpool by appointing an independent financial services company to help with the process.
Cooper and David Rubin, the joint receivers, on Friday, instructed Hilco Global to assist in the sale and marketing of the club and related football assets.
No timeframe has been given for the sale process but it is understood there have been 59 expressions of interest.
You can read the full story with the Blackpool Gazette HERE.
In League Two, Derby County, Bristol City and Hull City are weighing up a swoop for Colchester midfielder Sammie Szmodics.
That's according to the Daily Mail, with Szmodics notching seven goals and 12 assists this season from operating in the number 10 role.
The report has cited the Championship trio as potential suitors for the 23-year-old after scouting him on several occasions this term.
Szmodics has also been linked with a move to Premier League side Bournemouth with Colchester braced for summer offers.
Northampton Town striker Billy Waters has hinted he wants to rejoin Cheltenham Town permanently this summer.
The 24-year-old has been on loan at Cheltenham this season, becoming an instrumental part of The Robins' attack.
"I want to be playing regular football," Waters replied. "I can’t afford to have another year like the last two, not playing and then being loaned out during the second half of the season.
"I need to be up and running from the start, playing and enjoying my football and I am certainly doing that here."
Meanwhile, Cobblers boss Keith Curle launched an explosive rant about his players following Saturday's 2-1 defeat to Port Vale. You can read it HERE.