Dennis has been team principal of the team since 1981 and his future has been the subject of speculation in the last few months.
The Brit attempted to take over the company earlier this year, a move that was rejected and caused many team members to become frustrated with his mind-set.
He was apparently in the High Court earlier this week to secure an injunction which would see him on gardening leave until his contract expires next January.
The attempt has supposedly been rejected and McLaren have called an emergency meeting which could see Dennis' contract suspended immediately.
The Chinese bid comes almost two months after Apple were said to have been interested in the team, and details of the deal include asset manager and private equity funding although no associated personnel have been mentioned.
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