E4, which screens first runs of 'Desperate Housewives', 'ER', 'Smallville' and 'The OC', is currently only available as part of a pay-TV package.
If the channel were broadcast on Freeview, FreeSat or part of a basic package on Sky, NTL or Telewest it would attract millions more viewers and be a more powerful proposition to advertisers, which pay over the odds to attract E4's target audience of 18- to 34-year-olds.
Channel 4 confirmed that its chief executive Andy Duncan was exploring ways of launching E4 on a wider scale.
"Launching E4 as a free-to-air service is definitely something we're looking into, although no date has been confirmed," a Channel 4 spokeswoman said.
A bidding war for the next available slot on Freeview has kicked off as broadcast transmission company Crown Castle accepted sealed bids for the extra channel.
The deadline for submissions was January 31, with the new slot being available from spring 2005.
Channel 4 is likely to pitch E4 or gaming channel 9 Live.
ITV, Sky and Disney are also tipped to offer as much as £5m to win the right to air a new channel on the BBC-backed digital terrestrial service.
As well as US imports, E4 also broadcasts the first run of popular series such as 'Shameless' and 'Hollyoaks' before Channel 4. It also screens blanket coverage of 'Big Brother' and 'Celebrity Big Brother' during its daytime schedule when the series are on.
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