Although the details of Zuckerman's offer are understood to be similar to that of News Corporation, it would likely face less scrutiny from US regulators than a Murdoch deal.
News Corp already owns several media properties in New York, including The New York Post, the local television station WNYW-TV, as well as The Wall Street Journal and the Fox television network.
Although Zuckerman owns the New York Daily Post, his lack of a television station in the area would make a deal with him less likely to encounter regulatory resistance than one with Murdoch.
The terms of Murdoch's offer would leave Tribune owning a 5% share of Newsday.
Tribune has put Newsday and other assets up for sale to help pay off some of the debt accrued in a $8.2bn buyout, headed by chief executive and real estate billionaire Sam Zell.
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