English soccer club Manchester United has ruled out holding new talks over a possible bid for the club by US tycoon Malcolm Glazer, the Financial Times reported on Monday.

Citing a source close to the club, the paper said Manchester United may issue an official stock exchange statement that will demand Glazer "Put up or shut up".

"We are not going to enter into any negotiations (with Mr Glazer)," the unnamed source was quoted as saying. "If there is a formal offer, we will look at it."

Glazer has told the club's board he plans a new 800 million pound ($1.56 billion) takeover offer, a source familiar with the matter said on Sunday.

The source said representatives of the billionaire owner of the Tampa Bay Buccaneers American football team had said the new offer would consist of more cash and less borrowing than his previous proposal.

His last offer was rejected by Manchester United because it would have left the football club deeply in debt.

No one at Manchester United was immediately available to comment.