According to material obtained by News, a number of wealthy individuals have been approached about funding a bid for the broadsheet daily, including Sir Mohamed, who holds dual nationality British and Egyptian.
On Friday, sources stated that Mr. Zahawi was hopeful about putting in a strong bid for the Telegraph in the upcoming weeks.
Sir Mohamed’s involvement in the proposal remained uncertain, but a source claimed that discussions had taken place over a commitment of about £150 million.
News reported last month that Mr. Zahawi had courted former prime minister Boris Johnson about taking on an executive position with the Telegraph titles, possibly as the publications’ worldwide editor-in-chief.
“I’ve always said publicly, it would be an incredible honour for me, a real privilege if I were ever to… chair the Telegraph [or] be involved with [it],” Mr. Zahawi said in an interview with news anchor Sophy Ridge this week.
He refrained from discussing the specifics of his intended bid throughout the interview.
