With only four days remaining until the Metropolitan Transportation Authority picks a developer to transform the Hudson rail yards on Manhattan’s West Side, a chorus of elected officials is calling for the agency to put the brakes on making a final decision.

News reports suggested this weekend that the cash-strapped MTA, which owns the 13-acre site, could fetch more money for its riverfront land than the offers it now has on the table would yield. That has prompted some officials to say the agency should either reject the three offers it received or hold off on making a decision Thursday, which it set as a deadline.

Opponents of the New York Jets’ proposal to build a 75,000-seat domed football stadium on the site said the process has favored the Jets from the outset and the public is getting a raw deal. Two other bids – one from Jets rival Cablevision, which owns Madison Square Garden and fears competition from a new, larger sports facility, and another from a company called TransGas Energy Systems – are also being considered. Though TransGas offered more money than either of the other two companies, its bid depends on government support for an unrelated power plant and is not even being discussed, at least among observers, as a true contender.

One Democratic mayoral candidate, Rep. Anthony Weiner, who represents parts of Brooklyn and Queens, issued a statement yesterday saying the MTA is “legally required to reject both bids if the price isn’t right.”

“The rail yard bids have turned out to be like peeling an onion: Every day reveals more questions and makes it clearer that we need more time, more information, and a lot more oversight,” Mr. Weiner said.

His comments came after the New York Post reported that Newmark & Company, a real-estate firm that is acting as a consultant for the MTA on this project, has been urging the MTA to reject the existing bids because it could get $300 million more than what the Jets and Cablevision have offered. The dollar-per-square-foot value of the development rights is being vastly undervalued, a source told the paper.

The former borough president of the Bronx, Fernando Ferrer, the only Democrat in the mayoral race who is leading Mayor Bloomberg in the polls, agreed with Mr. Weiner yesterday and said the MTA should scrap the process.

“Let’s heed this warning, cancel the bid, start again, and do it right,” Mr. Ferrer said. He and Mr. Weiner have long opposed the Jets stadium in Manhattan.

A spokesman for the MTA, Tom Kelly, said Newmark had not made any recommendation to the agency about the bids. MTA board members, he said, fully expected to vote on the competing proposals at this week’s meeting. Those who are calling on the MTA to delay the process, Mr. Kelly said, probably have a “horse in the race.”

Officials from Newmark could not be reached for comment.

Aborting or delaying the selection of a developer would undoubtedly not please Mr. Bloomberg, who has been pushing for the construction of the New York Sports & Convention Center for months and is banking on the approval of a new stadium to win New York City the 2012 Olympic Games.

His administration was against open bidding on the site initially but acceded to it after public pressure intensified and the notion that the Jets were getting a sweetheart deal began gaining traction.

A spokesman for the Regional Plan Association, Jeremy Soffin, called this Thursday’s deadline “arbitrary.” Mr. Soffin said it was premature to call on the MTA to reject the offers but the agency shouldn’t be obligated to choose one that is not satisfactory.

“We don’t feel like the MTA has to choose a winner from these two bids,” Mr. Soffin said, “if it turns out that neither of the bids give the MTA market value for the property.”

Last week, after weeks of public mudslinging, executives at the Jets and Cablevision submitted their plans for redeveloping the site. The Jets offered $720 million – with $280 million coming from the football club itself and $440 million coming from a coalition of six real-estate partners that would build housing and commercial development. The bid hinges on zoning changes, and the apartment buildings and offices included in the plan would probably have to be built north and east of the 13-acre plot.

The Cablevision bid came in $40 million higher at $760 million, but it is still unclear whether its offer includes the price of a $300 million platform that must be built over the rail yards before development can begin. Additional details on the bids are expected to be released this week.

During an interview on WCBS yesterday morning, lawyers representing the two companies, Randy Mastro for Cablevision and David Boies for the Jets, battled over which side had the superior bid. At one point the debate got so heated, with the two prominent lawyers talking over each other, that the interviewer, Andrew Kirtzman, threatened to cut off the microphones.

That is a testament to how divisive the stadium issue has become. Reports this weekend suggesting that City Hall helped the Jets assemble their development partners only added to concerns that the process has been unfair. On Saturday, Mr. Weiner called for the city and state comptrollers to investigate the bidding process. The mayor’s office responded by saying the allegations were “baseless.”

Yesterday, a top adviser to the borough president of Manhattan, C. Virginia Fields, another of the Democrats running for mayor, said: “Everything about this process is wrong.”

“We’re asking that they don’t make a decision on Thursday,” the adviser, Joseph Mercurio, said during a phone interview. “We have never been in support of the process as it is. It’s never been a normal land-use process. It’s never been open to normal light of day.”

The fourth Democratic mayoral candidate, Gifford Miller, the City Council speaker, could not be reached for comment yesterday. He has introduced legislation to block Mr. Bloomberg’s plan to pay for the city’s portion of the Jets project and said last week the process is rigged.

The Assembly member who represents the area, Richard Gottfried, who is an ardent stadium opponent, said yesterday that the bidding process was “flawed” because the developers were never assured that they would get the zoning approvals to build what they wanted.

“This bidding process was designed to deprive the MTA of the full benefit of the property,” Mr. Gottfried said. “I do think they should start over and do it the right way. I believe that the MTA can get hundreds of millions of dollars more.”

Mr. Gottfried said it would be “difficult to ignore” executives at Newmark if they were urging the MTA to reject all the bids. Reports last week also revealed that Newmark executives had donated roughly $100,000 to the city’s Olympic committee.

The chairman of the Assembly committee that oversees the MTA, Richard Brodsky, said that until the bids are released to the public, it is not wise to speculate. He plans to hold a hearing in mid-April to evaluate the process, once all the details are released. In the meantime, he said, he has talked to the chairman of the MTA, Peter Kalikow, and urged him to be as upfront with the public as possible.