According to a report in The Times, Nicholas Berry, younger son of Lord Hartwell, and his nephew Caspar Gilroy are finalising a £500m bid for the paper.
Berry is understood to have been working on the bid for some time and has been in contact with Telegraph executives seeking support.
Regaining the Telegraph has been a long-time goal for Berry, who was the heir to Lord Hartwell's business until the peer ran into trouble and sold off the paper to Lord Black in 1985.
Berry already has links to the publishing world, owning a stake in Hachette Filipacchi Medias, which owns Marie Claire magazine as well as owning market research firm Mintel and sportswear group Intersport.
However, according to The Times, the Berry family bid is seen as a long shot as it will need considerably more than the £90m fortune of Berry's to fund it.
Berry faces competition from Express Newspapers, Associated Newspapers and venture capital firms Candover and Collins Stewart.
Earlier this week Daily Mail owner Lord Rothmere suggested that the battle for The Daily Telegraph is over as there were reports that the Barclay brothers were considering poaching Paul Dacre, the Daily Mail's editor.
Speaking at the company's AGM, Lord Rothermere said that the Barclays were the Telegraph's proprietors in waiting.
DMGT was preparing a bid for the Telegraph earlier this year but it was outmanoeuvred by the Barclay twins, who went straight to Lord Black.
Hollinger International is still claiming that it can go ahead and talk to rival bidders. However, DMGT believes now this is little more than a ruse designed to force the Barclays to pay more for the newspapers.
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