Local media reports have indicated that Bates has purchased a small stake in Wednesday, although this has not yet been confirmed by the club.
This will put pressure on the directors when the outspoken Papa Smurf look-alike wants to make another challenge for the club's ownership.
This news comes just when everyone thought they had heard the last of the Bates affair - as the former Chelsea chairman is set to sue Allen for libel.
In an open letter to season ticket holders, Allen blamed Wednesday's poor season on Allen's antics and claims that the 72-year-old was destabilising the club.
Bates, needless to say, was not happy about this remark and has now taken it up with his lawyers and believes Allen broke the confidentiality agreement put in place by the duo during their protracted negotiations about the running of the club.
Bates has also been linked with a move to take over Crystal Palace by former owner Ron Noades.
Meanwhile, Lee Peacock will sign either today or tomorrow after agreeing personal terms.