Dovid Efune, owner of conservative US news outlet the New York Sun, is front of the line to acquire The Daily Telegraph and the Sunday Telegraph, according to an overnight BBC report.
British-born Efune, who is also the editor-in-chief of Jewish newsprint the Algemeiner Journal, first emerged as a potential suitor for the UK mastheads two weeks ago.
The Telegraph Media Group has been the subject of an intensely competitive takeover auction after the initial buyer, the United Arab Emirates-backed Redbird IMI, was forced to retract its bid of the publications by the British government.
Last December, Redbird IMI agreed to buy the group after Lloyds Banking Group PLC (LSE:LLOY) took it into receivership after former owner the Barclays brothers failed to make interest payments to the bank.
The takeover sparked an outcry from Conservative supporters over foreign influence and sparked an immediate inquiry from the Competition & Markets Authority.
Many potential bidders for the Telegraph have since emerged, including GB news founder Paul Marshall, private equity group CVC, the Daily Mail, Rupert Murdoch and Maurice Saatchi.
Marshall acquired The Spectator contingent of the Telegraph Media Group earlier this month.
The deadline for bids for the Telegraph is this Friday.