The future of Cardiff Arms Park remains undecided © Getty Images

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The future of the historic Cardiff Arms Park could soon be decided, with reports suggesting that a number of parties are bidding to secure the site adjacent to the Millennium Stadium.

The Western Mail reports that Cardiff Blues, who vacated the Arms Park two years ago to move to the Cardiff City Stadium, the Welsh Rugby Union (WRU) and a London property company are vying for the right to buy the ground from Cardiff Athletic Club, the current owners.

The trustees of the Athletic Club have informed members that they do not consider any of the offers, with the Blues alleged to have bid £6m for the ground, to be reflective of the value of the site.

"Whilst there would clearly be a duty to sell the land at the best price obtainable, the trustees would only reach a decision to sell if this was in the best interests of the Athletic Club and its component sections," they said in a statement. "At this time, the trustees together with the management committee are not of a mind to recommend any of the offers received to its members.

"In reaching this decision, the trustees are mindful of the costs of relocations of affected sections. In addition, the bids received are reflective of the weakened property market in the current economic climate."

The Blues' feeder club, Cardiff RFC, currently play at the Arms Park and any successful bid by the region would see the semi-professional side re-homed, while further funds would be allocated to the other areas of the Athletic Club - bowls, cricket, tennis and hockey.

Any WRU bid would likely see further development of the areas surrounding the Millennium Stadium, while the sport's governing body in Wales is also interested in the existing Millennium Plaza development, with a conference centre reportedly high on their list of priorities.

"The overarching responsibility of the WRU is to ensure the well-being of rugby at all levels and throughout all of Wales," a spokesperson told the newspaper.

"One of a number of the strategic and operational priorities of the WRU is to ensure the development of land surrounding the Millennium Stadium enhances Welsh rugby to allow reinvestment in the game in Wales

"As the governing body of the national sport of Wales, an element of the five-year rolling strategic plan is to align that development to activity in the stadium where possible. The WRU is actively considering proposals to develop land it owns to the east of the stadium bordering Westgate Street.

"Although there are no immediate plans to action this project, liaison with all appropriate authorities is ongoing. The WRU is also actively monitoring developments concerning any proposals associated with the Millennium Plaza on land bordering the stadium on its southern perimeter leading to Cardiff Central Railway Station.

"The WRU has expressed an interest in the Cardiff Arms Park to the north of the Millennium Stadium and the WRU has been in dialogue with the current freeholders, the trustees of the Cardiff Athletic Club. The WRU has always sought to pursue a very close neighbourly relationship with the Cardiff Athletic Club and will continue to do so in the future."