This may make it difficult for the brothers to win the race because selling the paper separately from Hollinger International's other titles, such as the Jerusalem Post and the Chicago SunTimes, could incur major tax liabilities.
Last month, a Delaware court blocked the brothers' £260m bid to win control of Hollinger International, which would have seen them buy Hollinger Inc from Lord Conrad Black.
Other bidders who have expressed interest in the Telegraph are Express Newspapers boss Richard Desmond, private equity groups Apax and Candover, and the Daily Mail & General Trust.
Last Tuesday, Desmond sold off his stable of top-shelf porn magazines in a bid to enhance his credibility. Desmond sold around 45 titles including Asian Babes and Big Ones for around £20m to Remnant Media, a firm owned by businessmen Simon Robinson and Aroon Maharajh who were behind the Music Unsigned website.
According to sources, investment bank Lazards has set a deadline of around March 23 for bids.
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