Irish property developer Treasury Holdings has been searching for a partner in the project after being hit by the Irish economic crisis. It faces a race against time as £450m of loans have to be repaid by the end of August.

When the huge project to transform Europe’s largest brick building into a leisure and housing scheme gained full planning in February, TH said it was in talks with several potential buyers.

Property fund Qatari Diar, which is controlled by the gas-rich state’s ruling family, is now reported to be in advanced talks about taking a 50% stake, although there is still no confirmed deal.

Qatari companies have acquired several London landmark properties from Harrods to the Shard of Glass, the US Embassy in Grosvenor Square and Park House in Oxford Street.

The Battersea site has proved a graveyard for several ambitious redevelopment plans over the last three decades, all stumbling on raising funding to salvage the derelict Grade II listed power station.

Should the ambitious urban regeneration plan get off the ground, 3,200 apartments will be built alongside a huge complex of 1.7m sq ft of offices and 1.5m sq ft of shops and leisure facilities.

A further £200m has also been pledged to fund a two-station extension to the Northern Underground Line.