Zuckerman was reportedly preparing a bid for Newsday, which mainly serves Long Island and Queens although is available in Manhattan as well, late last week, according to reports in Newsday, which quoted sources familiar with the matter.
Reports suggest that the paper could sell for between $500m and $600m, with its audience of affluent suburban shoppers. A third possible bidder is James Dolan, whose family controls cable TV group Cablevision, but media commentators have dismissed him, saying his pockets are not deep enough.
Another possible bidder has been named as Jared Kushner, the owner of the New York Observer and son of real-estate developer Charles Kushner. He is reported to be considering a bid or entering into a partnership with Newsday, according to a person familiar with the situation quoted by the Wall Street Journal.
A bid by Murdoch's News Corporation, which also owns The Wall Street Journal, has been named as a preferred bid by staff over Zuckerman, because of the latter's background as a property developer.
Analysts said the company could save money by combining the back-office operations of Newsday, the Post and the Journal.
Reports revealed last week that cash-strapped Tribune, publisher of newspapers including the Baltimore Sun, The Los Angeles Times and the Chicago Tribune, was sourcing bids for Newsday.
Other companies listed as potential bidders, according to the Newsday report, include Cablevision Systems Corp and News 12, a cable channel that covers Long Island news.
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