Palmer, along with private equity firm HgCapital, is understood to have been talking to Trinity Mirror and its adviser UBS as recently as last week, according to a report in The Times. An offer is expected to be tabled in the next two weeks.
Trinity Mirror put its Irish titles, which also include the Derry Journal, the Belfast News and the Donegal Democrat, up for sale six weeks ago. The decision follows a strategic review by new chief executive Sly Bailey, which resulted in a cost-cutting drive aimed at channeling resources into its beleaguered UK national newspapers, including the Daily Mirror and The People.
The HgCapital-backed proposal will be up against competition from Irish media baron Sir Anthony O'Reilly, owner of The Independent and Independent on Sunday titles, and Palmer's former employer.
O'Reilly already owns The Belfast Telegraph, which he bought from Trinity Mirror three years ago as part of a £300m deal.
Other potential bidders include Scottish Radio Holdings, Thomas Crosbie Holdings, owner of the Irish Examiner, and David Burnside, Ulster Unionist MP for South Antrim who is a former publicist for British Airways.
"I have an interest in acquiring the Belfast Newsletter, but it's early days yet,' Burnside told The Observer. He also said he had made a previous attempt to buy the paper.
Palmer has worked in newspaper publishing since he graduated. He joined the Financial Times as a journalist, rising through a number of roles including production director and becoming group chief executive in 1990.
He left in 1994 to join the Dublin-based Independent group, publisher of The Independent, as managing director and became chairman in 1999.
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