According to a report in the Financial Times this morning, Glover wants to launch an upmarket tabloid newspaper similar in format to the recent tabloid launches of The Independent and The Times and is looking for an initial £15m.
However, in style and tone Glover is said to pitching the paper on a level with Le Monde, arguing that The Daily Telegraph and Times have turned off upmarket readers with too many consumer and celebrity stories.
The FT reports that Glover's planned paper could break even on as little as 100,000 sales, a figure which is questioned by media analysts who already see the market as being overcrowded.
The FT quotes one City financier as saying that Glover should be able to raise the money.
Glover, along with Andreas Whittam Smith and Matthew Symonds, raised a similar sum, £18m, almost 20 years ago in 1986 to launch The Independent.
Glover, who is currently best known as a Daily Mail columnist, is thought to have been spurred on by the apparent appetite of readers of broadsheet newspapers to switch to a more convenient tabloid format.
Last week Brand Republic broke the news that The Independent is drop its broadsheet format altogether in Wales, the South West of England, Ireland and Scotland, becoming the first of the quality papers to take its tabloid version nationwide.
The move followed the introduction of a tabloid-only format on Saturdays and increases the chances that the broadsheet format being abandoned altogether.
The Times has already rolled out its compact version but The Guardian has strenuously denied reports that it is also planning a tabloid edition, informally dubbed "Guardian Lite".
Reports suggest that sales of The Independent rose by 50,000 last Saturday, the first time it had been published solely as a tabloid.
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