According to ITV, Stuart Wilkie is leading a team that could bid to take over the business, potentially saving up to 15,000 jobs.
Mr Wilkie is expected to formally reveal his plans later today, according to reports.
So far, the only potential bidder for Tata’s UK operation is Liberty House, part of the Gupta family’s group of companies.
Liberty House last month bought two previously mothballed Tata plants in Lanarkshire and has said it would consider a move for the rest of the Indian conglomerate’s UK facilities.
Speaking to Construction News, the Gupta Group’s Jay Hambro said that it would be more likely to launch a bid if the government threw its weight behind the Swansea Bay Tidal Lagoon project, which could help drive down energy costs.
Unions have cautiously backed Mr Wilkie’s plans for a buyout, but reports suggest the plan would still require funding, including a £100m cash injection.