Just 10 days ago, Gannett CEO Douglas 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.
Speaking at a media conference last night McCorkindale said he would "take a look at the Telegraph's books".
"We will look at the materials Hollinger sends out", he said, adding that it was too soon to say whether or not a bid would be made.
A sale of the Telegraph Group, which owns the Daily and Sunday Telegraph and The Spectator magazine, has been mooted since its parent Hollinger was plunged into a scandal over unauthorised payments to senior board members amounting to $32.15m (£18.5m).
Among the recipients was chairman Lord Conrad Black, who consequently stepped down as CEO after personally receiving $7.2m, which he has promised to pay back.
If Gannett enters the bidding, it will be against competition from Express Newspapers proprietor Richard Desmond, German newspaper publisher Axel Springer, Harrods-owner Mohammed Al Fayed, the Daily Mail & General Trust, and a number of venture capitalist-backed consortia.
These are believed to involve Carlton chairman Michael Green, former Mirror Group chief executive David Montgomery and former Telegraph managing director Stephen Grabiner.
Michael Ashcroft, the former Conservative Party treasurer, and US tycoon Nelson Peltz are also thought to be in the running.
Gannett, which operates its regional newspapers in the UK through Newsquest, is aggressively looking at acquisitions in the UK after successfully bidding £216m for Scottish Media Group's titles, including the Glasgow Herald, which it bought earlier this year. It now owns more than 300 regional newspapers in the UK.
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