The US cable TV company's offer would out bid those made by Rupert Murdoch's News Corporation and New York Daily News owner Mortimer Zuckerman, who each offered $580m last week.
It is unclear whether Cablevision is working with New York Observer owner Jared Kushner in its offer. The two had reportedly been talking about a joint bid, according to sources familiar with the situation quoted by The Wall Street Journal.
News Corporation, which already owns several media properties in New York, including The New York Post, The Wall Street Journal and the local television station WNYW-TV, was the first company to launch a bid for commuter paper Newsday and reached an informal agreement with Tribune last week.
However, the deal was not formalised, but key details such as price, structure and governance were said to have been agreed and late last week Zuckerman matched Murdoch's offer of $580m.
Murdoch's and Zuckerman's offers could face tougher antitrust scrutiny given their existing New York newspaper holdings, which places Cablevision in a strong position if it goes in with a higher bid.
Reports revealed in April that cash-strapped Tribune, publisher of newspapers including the Baltimore Sun, The Los Angeles Times and the Chicago Tribune, was open to bids for Newsday.
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