Bates wants to invest £10million into Wednesday but his proposals have not been accepted yet, although he believes the club will be going the wrong way unless something drastic happens.
He admits: "I have been approached by over 20 clubs, one of which is Queens Park Rangers but I want to get involved in Sheffield Wednesday because I think it can be made a great club again.
"I have nothing else to do as I’m retired now but I have a proven success record at Chelsea and they were in a much worse position than what Wednesday are in at the moment.
"I just can’t see where the club is going if they don’t accept my proposals but I am sure we will hear much more about it in many weeks to come.
"I gather the club have got another investor lined up, I happen to know the identity of this person and I wouldn’t hold your breath."
Another interesting comment was made by him in his article in The Sun at the weekend, he claims he has a manager lined up who will shock the football world if he gets control, as Bates has already made his feelings known about Chris Turner’s position.
Later today Chris Turner will decided who will be kept and who will be released. The out of contract players are Kevin Pressman, Derek Geary, Brian Barry-Murphy, Dean Smith, Leigh Bromby, Alan Quinn, Paul McLaren, Steve Haslam, Chris Stringer, Matt Hamshaw, Richard Evans, Jon Shaw, Jon Beswetherick, Robbie Mustoe, Terry Cooke, Lewis McMahon and Mark Robins.