Talks of a takeover come after the National Business Review reported Mr Herbert is owed well over $100,000 by Mr Serepisos, but is sticking with the club's owner out of loyalty.
Former Supreme Court judge Bill Wilson said yesterday he was acting for the Phoenix manager, but would not give details to the NBR about the nature of the work.
However Mr Serepisos rejected the report, saying the paper had "twisted" what was going on.
"Someone's gone and fed something to the NBR and stirred them up and they've just gone and written whatever they've written, so I've got no comment," he told Fairfax Media.
Mr Serepisos said Mr Herbert engaging his lawyer did not mean he was chasing him for money.
Last week, Associate Judge David Gendall granted an adjournment for bankruptcy proceedings against Mr Serepisos in the High Court at Wellington, so he could convince his 27 creditors - owed almost $204 million - that an orderly sale of his assets would be in their best interests.
The Wellington Phoenix, owned by Century City Football, would not be for sale, however.
Mr Serepisos's financial situation has caused concerns with fans, some who say it is time he moved on from the club.
A lack of signings at the club during the offseason and the departure of some of last season's stars, have further concerned fans.
The Phoenix signed Spanish midfielder Dani Sanchez this week, bringing the roster to 17.
Twenty players need to be on the roster before the season starts next month.
