The owner of the Yorkshire Post and the Scotsman newspapers has said it is interested in buying the Daily Telegraph and its sister titles when they go up for sale.
National World, which publishes more than 100 regional newspaper titles and websites, told shareholders it was a "possible participant" in any sale of Telegraph Media Group (TMG).
Receivers took control of TMG in June after its owners failed to repay debts.
A sale date is yet to be announced.
In a statement to shareholders, National World said "its growth strategy is rooted in actively exploring opportunities to build its business through acquisitions".
It said it would "consider participating in a sale process for Telegraph Media Group as and when such a process formally commences".
No other potential bidders have publicly declared an interest in the Telegraph, but the owner of the Daily Mail newspaper, DMGT, is thought to be considering a bid for the group.
Analysts believe TMG, home of the Daily and Sunday Telegraph and the Spectator magazine, is worth around £500m, but estimate that a wealthy buyer keen to acquire a "trophy asset" would be prepared to pay more than that figure.
TMG was formerly owned by the Barclay family but taken over by receivers Alix Partners in June over debts owed to Lloyds Banking Group believed to be worth hundreds of millions of pounds.
Family members Howard and Aidan Barclay were removed as directors and a process has begun to prepare the group for sale later this year.
TMG was bought by twin brothers Sir Frederick and Sir David Barclay for £665m in 2004 from the company Hollinger, following the dismissal of its chairman Conrad Black.
Sir David died in 2021 and the business was run by his son Aidan. Its interests stretched beyond the media and the group owned a stake in the courier Yodel.
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Owner of Yorkshire Post eyes Telegraph newspaper
