Financial group Intermarket, Malaysian business tycoon Tony Fernandez and former Birmingham owners David Sullivan and David Gold are all reportedly in the race to buy the club.
Reports says Cellino, who has been in control of Cagliari since 1992, has flown to London to open talks with Iceland-based CB Holdings, who are the current owners of West Ham.
“I want to save the team,” Cellino is quoted by La Repubblica.