Hill, the former chief executive of the Financial Times group, stepped down from his position in February to lead the management buyout team after it was announced that Pearson was to sell the magazines.
According to a report, private equity group Permira, formerly Schroder Ventures Europe, is understood to be backing Hill's bid.
The management bid is estimated to be worth between £75m and £80m and is thought to be considerably higher than rival bids according to the Financial Times.
FT Business publishes a number of magazines, covering a range of financial subjects. Titles include Investors Chronicle, Financial Adviser, The Banker, Investment Adviser and Pensions Week.
Last year, Pearson completed a programme that saw the company sell off its non-financial titles, concluding with the sale of FT Energy to Platts in September.
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