Hill's attempt to buy FT's business titles, including the Investors Chronicle magazine, failed after Pearson decided to keep the titles.
Hill stepped down from his position at the FT Group in February this year after deciding to make a bid for the group. According to reports, Hill's bid for the Herald titles is backed by Permira, formerly known as Schroder Ventures.
Bids for the titles are thought to be valued between £180m and £200m.
Sir Anthony O'Reilly, executive chairman of Independent News & Media which publishes the Independent titles in Ireland and the UK, is one of the leading bidders for the group of Glasgow-based newspapers. Other bidders include: the Barclay brothers, owners of the rival Scotsman newspaper; Gannett, the regional newspaper publisher; Archant, which publishes the Eastern Daily Press; and venture capital firm Candover, according to reports.
The sale of the Herald newspapers, which includes the Herald, Sunday Herald and Glasgow's Evening Times, has excited interest from venture capitalists and newspaper groups.
SMG is hoping that it will be able to secure a price at the upper end of the bid range for the titles, as it seeks to clear debts of more than £400m.
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