Three final bids have been submitted for Stansted in a sale that is expected to value London’s third largest airport at about £1 billion.

Final bidders included Manchester Airports Group, partnered with Australia’s Industry Funds Management; infrastructure fund Macquarie, and Malaysia Airports, the Financial Times reported.

Quoting people familiar with the situation, the newspaper said a decision on the sale was expected as early as this week.

This comes after owner Heathrow Airport Holdings, the former BAA, finally agreed last summer to sell the airport following an order by the Competition Commission.

The consortium led by MAG, which also owns East Midlands and Bournemouth airports, has been seen as a leading contender.

Under the terms of their partnership deal, Industry Funds Management will buy 35% of MAG’s equity and get half its voting rights if the pair win Stansted.

None of the parties involved were prepared to comment on the sale process.