Niall Quinn is interested in buying out Sunderland.
Current chairman Bob Murray has said he will sell his 56.8% stake in the club - if the right offer comes along.
BBC Sport says Quinn - who played for Sunderland between 1996 and 2002 - is understood to have spent several weeks looking at the viability of making a bid.
But it is not thought the 39-year-old has yet opened talks with Murray.
Sunderland have had a disastrous return to the Premiership after winning the Championship last season, picking up only 10 points and winning just two of their 31 games so far.
They could be relegated as early as this Saturday, should they drop points at Everton and West Brom beat Liverpool.
The Sportsman newspaper has said that speculation Quinn was keen on joining forces with horse racing magnate JP McManus was wide of the mark.
Sunderland are yet to comment on the rumours.
Current chairman Bob Murray has said he will sell his 56.8% stake in the club - if the right offer comes along.
BBC Sport says Quinn - who played for Sunderland between 1996 and 2002 - is understood to have spent several weeks looking at the viability of making a bid.
But it is not thought the 39-year-old has yet opened talks with Murray.
Sunderland have had a disastrous return to the Premiership after winning the Championship last season, picking up only 10 points and winning just two of their 31 games so far.
They could be relegated as early as this Saturday, should they drop points at Everton and West Brom beat Liverpool.
The Sportsman newspaper has said that speculation Quinn was keen on joining forces with horse racing magnate JP McManus was wide of the mark.
Sunderland are yet to comment on the rumours.
