Billionaire retail entrepreneur Philip Green looks set to become the latest player to enter the bidding war for supermarket chain Safeway.

Mr Green, the owner of department store chain Bhs, is expected to announce his interest in the UK's fourth largest supermarket group as early as today after requesting financial information on the business last week.

He will be the fourth party to consider buying Safeway after Morrison's agreed a £2.9 billion bid deal with the group on January 9.

Since then, Sainsbury's, Asda's US owner Wal-Mart and US buyout giant Kohlberg Kravis Roberts have all joined the fray, declaring an interest in buying the business.

It is thought Mr Green would have to offer at least 320p a share, valuing the group at almost £3.4 billion. It is understood he has lined up financing for the deal.

In October, Mr Green bought Arcadia, which includes the Top Shop, Dorothy Perkins, Burton and Miss Selfridge brands, for £850 million.

But it is thought any offer would be approved by the Office of Fair Trading as his empire does not include any food retailers.

Safeway confirmed Mr Green had asked for financial information about the group which had been given to Morrison's.

Mr Green was not available for comment.

Safeway runs 479 UK stores and is seen as the last major acquisition opportunity for those struggling to catch up with Tesco in the cut-throat supermarket sector.