Dovid Efune, a British national who entered the auction late, is seen by a number of parties as the likely new front-runner.
He is believed to be able to make a competitive offer of about £550 million without drawing the political and legal challenges that resulted in the government blocking a proposal supported by the ruling family of the United Arab Emirates.
Just two bidders, including Mr. Efune, have seen senior management presentations at the Telegraph.
Although they acknowledge that “none of the bidders are perfect,” they have generally supported the idea of him becoming the owner.
If the bid is accepted, it might open a channel of communication between the Telegraph and its previous proprietor, Conrad Black.
Regular contributor to the New York Sun Lord Black was found guilty in 2007 of fraud and obstructing justice, serving a sentence of more than three years in prison before being pardoned by US President Donald Trump in 2019.
A number of other bids are still in the running for one of the most profitable and powerful daily newspapers in Britain, along with its sister Sunday publication.
Hedge fund tycoon Sir Paul Marshall recently paid £100 million to acquire The Spectator, and former Conservative minister Michael Gove became editor.
