Rev Moon, founder of the Unification Church, is said to be willing to spend millions of dollars to take control of the paper again, according to a report in the Washington Post.
The paper is currently run by the reverend's eldest son, Preston Moon, who has threatened to close the broadsheet, which was founded in 1982.
Times sources that claimed the 90-year old Rev Moon had been in contact with Dong Moon Joo, the former Times chairman who was removed from office last year, to run the paper again. Joo was pushed out by Preston Moon.
The uncertainty about the Times's future follows a year of job cuts and falling circulation. The paper's newsroom has dropped from 225 in 2002 down to about 70 people. It cut the metro and sports sections along with senior executives, including its president and publisher Jonathan Slevin in April.
Information about the paper's circulation is hard to come by. The paper ceased reporting to the Audit Bureau of Circulation in 2008. Its numbers then stood at 86,710 copies on weekdays and 37,259 on Sundays. Most recently it is estimated to have a weekday circulation of around 50,000 but it could be as low as 42,000.
The report of Rev Moon rescuing the paper followed Monday's rumour on that said "the Washington Times is close to closing".
The struggle for control of the newspaper mirrors the struggle for control of Rev Moon's business empire as his children jockey for position.
Rev Moon has widespread business interests, including fishing and real estate which stretches around the world and include operations in South America, South Korea and Japan.
said: "The Washington Times is responsible to let the American people know about God" and "The Washington Times will become the instrument in spreading the truth about God to the world."
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