Labour peer Lord Hollick, who is standing down as United Business Media chief executive, had a long association with ITV before pulling out after a failed merger bid in 2000.
Lord Hollick, who sold United's ITV assets to Granada for £1.75bn in 2000 after a merger with Granada was blocked, has been appointed by KKR to target UK and European media companies, with ITV being a likely option.
Lord Hollick believes ITV's shareholders would be "happy to sell", but only "at a very high price".
"Buying back ITV would have a nice ring to it. I wouldn't rule anything out. We are looking for really good businesses where management could make a difference," he said.
KKR runs a $6bn (£3.2bn) investment fund in the US with $3bn allocated for Europe. The firm, considered one of the best-known in private equity, made its name by a $31bn buyout of RJR Nabisco in 1989.
Lord Hollick, who will be able to draw a pension of over £700,000 a year from United, begins his new job at KKR's London office in April.
United, which owns business magazines, market research firm NOP and 35% of terrestrial TV station Five, has since appointed Symbian chief executive David Levin to the top role vacated by Lord Hollick.
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