The Times reports today that the channel is hoping it can win the sixth package of matches on the basis that BSkyB will take the maximum five it is allowed.
Yesterday was the deadline for first round bids in the auction for the rights, which are expected to earn the Premier League £500m per year over the four years from 2007 to 2010.
Channel 4's surprise involvement makes for a more interesting contest, which was previously expected to be a three-way fight between Sky, cable giant NTL and Irish pay-TV broadcaster Setanta Sports.
Although rules imposed by the European Commission mean that no one broadcaster can own more than five out of six packages, Sky is aiming to secure the maximum and especially the two more attractive packages containing more games featuring the big clubs.
The others will want to stop Sky's bid as they will not want to be left with just one package, as this would not be attractive enough for viewers. ITV had been reported as unwilling to bid on that basis but according to The Times has joined the contest, along with Five. NTL is believed to want three packages while Setanta has said it would bid for two.
Were Sky to win five, or even win all six and hand one back, the others may pass, leaving the way clear for Channel 4 to snap up a package comparatively cheaply.
However, each package has a minimum price known only to the Premier League, which can invite new bids if initial bids fail to come in above that minimum.
Channel 4 has just revealed strong finances, with pre-tax profits up by 4.9% to £66.8m and revenue up by more than 6% to £894m in 2005.
However, chief executive Andy Duncan continues to argue that the channel needs financial help to migrate to digital-only broadcasting.
"We may have defied gravity in 2005, but it would be naive to assume we can do so forever," he said at the annual results presenation.
Channel 4 previously had cricket rights, which it won from the BBC, but it lost this to Sky in 2004.
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