Boris Johnson, the former prime minister, is being sounded out about an executive role with The Daily Telegraph in a move which could reunite him with one of his former cabinet colleagues.
Sky News has learnt that Mr Johnson has held preliminary, informal talks with Nadhim Zahawi about a possible job with the right-leaning newspaper publisher if an offer being assembled by the former chancellor is successful.
A source close to Mr Johnson insisted on Monday that no agreement was in place and no formal talks were taking place, although they acknowledged that the idea was “floating around”.
However, people involved in the Telegraph bidding process said that Mr Zahawi had raised the idea of Mr Johnson becoming the Telegraph’s global editor-in-chief with prospective investors in his bid.
Mr Johnson, who now writes a column for The Daily Mail, previously worked for the Telegraph, both as a correspondent in Brussels and more recently as a highly paid columnist.
“He still holds the Telegraph in high affection,” said a person close to the former PM.
Sky News revealed last month that Mr Zahawi had approached a string of billionaires about backing an offer for the newspaper and The Spectator, both of which are on the market after an Abu Dhabi state-backed takeover was blocked by the last Conservative administration.
The former chancellor is negotiating directly with Gulf-based IMI – which owns the majority of RedBird IMI, the vehicle now overseeing the formal auction process.
One person close to him said his offer was now “fully financed” although further details of his backers or the chances of him lodging a successful bid were unclear.
A spokesman for Mr Johnson declined to comment, while Mr Zahawi could not be reached for comment.
The emergence of Mr Johnson’s possible involvement in the future of the Telegraph comes as RedBird IMI reduces the number of parties participating in the auction.
Last week, Sky News revealed that Lord Saatchi, the former advertising mogul, had accused RedBird IMI of overpaying for the right to own the title after his £350m offer for it was rejected.
Lord Saatchi and his bidding partner, Lady Lynn Forester de Rothschild, were informed of the decision not to proceed with their offer by Raine Group and Robey Warshaw, the bankers handling the Telegraph auction.
Mediahuis, the Belgian publisher, has also not made it through.
RedBird IMI’s attempt to take ownership of the Telegraph titles and The Spectator was thwarted by the last Conservative government’s decision to change media law to prevent foreign states exerting influence over national newspapers.
Sir Paul Marshall, the hedge fund tycoon, is now the frontrunner to acquire The Spectator, one of Britain’s most influential political magazines.
National World, the London-listed vehicle headed by industry veteran David Montgomery, remains involved in the process, while the Telegraph itself reported at the weekend that Sir Paul was still in contention to buy the newspapers after weeks of doubt about whether he would bid for them on a standalone basis.
Lord Rothermere, the Daily Mail proprietor, pulled out of the bidding earlier in the summer amid concerns that he would be blocked on competition grounds.
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The fate of the Telegraph, historically a staunch Conservative Party backer, has now been up in the air for more than a year.
Lloyds Banking Group, the UK’s biggest high street lender, seized control of its parent companies after the Barclay family fell behind on debt repayments.
The family had owned the Telegraph for nearly 20 years, but has seen a number of its assets fall into financial trouble.
The Barclays continue to control Very Group, the online retailer, with IMI also having extended financing to that business.
Mr Zahawi was recently appointed as chair of Very Group.
IMI is controlled by the UAE’s deputy prime minister and ultimate owner of Manchester City Football Club, Sheikh Mansour bin Zayed Al Nahyan.
The Lloyds debt, which totalled more than £1.15bn, was repaid by RedBird IMI on behalf of the family.
People close to the process insisted that there remained “robust” interest in the Telegraph at significantly higher prices than that tabled by Lord Saatchi and Lady de Rothschild.