Gannett, which is one of the UK's largest regional newspaper groups, said it he would look at any assets that would fit in with its existing operations.
Gannett CEO Douglas McCorkindale said: "We are looking at the books as is just about everyone."
Asked whether he thought the Telegraph was a good strategic fit McCorkindale said: "At the right price, a lot of things fit."
Gannett first indicated it would make a move for the Telegraph towards the end of last year when McCorkingdale revealed he was looking at a number of acquisitions that would fit within the group.
He suggested he would be interested in buying the Pearson-owned Financial Times or its rival The Wall Street Journal, which is owned by Dow Jones.
With regard to The Daily Telegraph however, he said that Gannett was not prepared to get into a bidding war and said that if the Barclay brothers step in with a knockout offer Gannett is unlikely to fight it.
"If the Barclay brothers want to step up to a big number in the UK, they will probably beat us," he said.
The Barclays brothers have said they are interested in bidding for just the Telegraph Group and not all of Hollinger International, which also includes the Chicago Sun-Times and the Jerusalem Post.
If Gannett won the race for The Daily Telegraph it would add it to more than 100 daily newspapers in the US. In the UK it owns Newsquest, which includes The Herald in Scotland.
Investment bank Lazard has set a deadline of March 23 for final bids.
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