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The four join other potential bidders including former Telegraph Group managing director Stephen Grabiner, Express Newspapers and DMGT, which are all believed to be looking at buying the company, which publishes The Daily Telegraph, Sunday Telegraph and The Spectator magazine.

However, the speculation is premature because it is not yet clear whether the Telegraph Group will be put up for sale. Its future within its parent company was plunged into doubt over the weekend, when it emerged that Hollinger had been making unauthorised payments to directors, including chairman Lord Conrad Black of Crossharbour.

Other possible bidders include Michael Ashcroft, the former Conservative Party treasurer, and US tycoon Nelson Peltz.

Hollinger proprietor Lord Black announced his retirement on Monday, along with the resignations of several other board members, following revelations that $32.15m (£19m) in unauthorised payments had been made to executives, including $7.2m to Lord Black.

The company has appointed investment bank Lazard to consider the options for the publisher, which owns the Chicago Sun-Times and the Jerusalem Post, along with the Telegraph Group.

A data room is expected to be made available in the next few days to allow interested parties to examine the company's accounts.

The Telegraph Group is expected to be worth around £500m.

Express Newspapers proprietor Richard Desmond is understood to have already put together an offer through Seymour Pierce, which handled his purchase of Express Newspapers in November 2000.

Desmond and the Telegraph jointly own the West Ferry printing firm, and it is thought Desmond might make life difficult for another owner.

Desmond's arch rival DMGT, owner of the Daily Mail and Mail on Sunday, is also believed to be interested, although it would likely face a competition inquiry. It is expected to argue that if it owned the Telegraph Group, it would have the same number of ABC1 readers as News International, publisher of The Sun and The Times.

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