Coventry City Council, which owns the site, this week entered into a 30-day 'period of exclusivity' with Swiss investment company Airport Development Partners.

This means any dicussions with other interested bidders have been put on hold until after the period has ended - but the council's deputy leader Kevin Foster is confident that a deal will be signed with ADP.

He said: "It's likely that these people will want to take over. We have had some very positive discussions.

"It's now about moving this on to the next step - back to where Coventry Airport wants to be. This agreement has really started putting some flesh to the bone. It's really good news. Hopefully we will get the airport back up and running as soon as possible."

ADP, which is based in Switzerland, is a private airport investment and development firm which invests in regional airports across Europe.

The firm, along with another serious bidder, has been in talks with the council since early January.

Cllr Foster said: "We have always been clear that we want to see a successful and privately owned airport which serves a niche market that would be possible in Birmingham.

"I am conscious many people who live around Leamington whose jobs depend on the airport are concerned and wondering what will happen."