Khan, who is the owner of Championship football club Fulham and NFL team Jacksonville Jaguars, has lodged a bid of around £500m for the national stadium, while as part of the deal, the FA would also be allowed to keep their Club Wembley hospitality business, which is worth around £300m.
The businessman, who left Pakistan in his teens and made his fortune in the U.S. through a vehicle parts empire, later bought Fulham from Mohamed al Fayed in 2013.
Should the deal go ahead, then the England national team may be forced to play their home matches away from the hallowed turf, while it would also witness the birth of the first ever NFL franchise outside of the United States of America - as the Jaguars would play all their matches between September and December at Wembley.
So far the FA is keeping relatively tight-lipped about the deal, but a spokesperson said: 'We can confirm the FA Board has received an offer for Wembley'.
He has also said his ownership in Britain of Fulham Football Club, which he bought in 2013 for a reported £150 million from Mohamed Al Fayed, the Egyptian who also once owned Harrods in Knightsbridge, will not be adversely affected by his purchase of Wembley.
Mr Khan bought the Jaguars in 2011 and was among those who pushed for more National Football League games to be played in London.
"Today's announcement is additional evidence that we are committed to create and enhance new revenue streams to boost the Jaguars, such as the incredibly successful Daily's Place and the project we revealed last week with The Cordish Companies on the proposed development around EverBank Field", said Khan.
Khan's motivation for the bid appears to be an attempt to cement London as a base for his Jacksonville NFL side, as ties with the capital continue to grow throughout the organization.
New York Yankees vs. Minnesota Twins
Babe Ruth (1921) and Alex Rodriguez (2007) are the only other Yankees with that many homers and RBIs in the first 22 games. A day after making his debut, Torres singled in the eighth, ending an none-for-seven start for the prized 21-year-old.
"We are very happy for Shad Khan and the Jacksonville Jaguars", NFL executive vice president of events and worldwide Mark Waller said in a statement.
The NHL team have already established a strong presence in London through regular season matches being played at Wembley in front of sell-out crowds and have "home" matches scheduled at least through to 2020.
NFL games will also be played later this year at the new north London stadium of Premier League club Tottenham, which is under construction.
"For the FA", Khan said, "it would mean Wembley Stadium returning to private ownership, permitting the FA to direct its full attention to its mandate to develop talent and serve the game with the vast resources it would realize from the sale".
The new Wembley Stadium opened in 2007 and has an official capacity of 90,000.
But for a ground officially known right now as "Wembley Stadium connected by EE" that's maybe not such a leap.