Simon Fuller is reportedly planning to buy the 60% of EMI's businesses divested as part of the Universal acquisition in Europe in a £350 million deal.
The tip comes from The Independent, which positions the XIX Entertainment founder, American Idol pioneer and Spice Girls mastermind as a potential suitor for all of EMI's UMG deal concessions including Parlophone, Chrysalis, Mute and the catalogues of Pink Floyd, Kate Bush and David Bowie.
Fuller will be joined in the EMI bid by founder of Island Records Chris Blackwell, private financiers and a leading mobile telecommunications company, according to the broadsheet.
Universal is overseeing the sale and the label's CEO Lucian Grainge has worked with Fuller on several projects in the past, including S Club 7.
A spokesman for Fuller's company said: "XIX is a growing company and we'd always be interested in new opportunities in music as they arise. With Simon's track record over 25 years as Britain's most successful music manager we hope his interest in EMI would carry the support of the industry."
Fuller plans to relaunch the Now! compilations series as a weekly television and web show featuring stars such as Jay-Z and Madonna performing their latest hits, alongside a download chart rundown.
"Simon can launch new television vehicles using hit songs, there could be a Coldplay American Idol special. He understands the sensitivities that artists have about their futures," an associate said.