Page has teamed up with former UBS banker Gareth Thomas in a bid to raise between £5m and £10m and open 200 outlets in five years in the same locations as the former shops.
He said in February that he believed there was a gap in the market for a store based on the Woolworths business model.
However, he is yet to get the business off the ground and also has the disadvantage of not being able to use the Woolworths brand name because it was sold to Littlewoods-owner Shop Direct, which is relaunching the brand online.
Page and Thomas will be approaching private investors and private-equity firms this week, according to The Sunday Times.
If the funding is obtained their marketing strategy will seek to tap into the remaining public interest around Woolworths by appealing to Britons to come up with a name for their store.
Last week, Page reportedly visited the new Wellworths store in Dorchester, which was set up by former Woolworths store manager Claire Robertson when her outlet closed down in January.
It is six months since , closing over 800 stores across the country after failing to find a buyer.
Page is working alongside two former colleagues, Woolworths commercial director Steve Jebson and store development manager Andy Latham.
Picture credit: Tom Oates, 2008