The Daily Mirror says Tarrant, working with a group of investors, has made a $175 million bid. The report said the offer comes after the show's main creator Paul Smith announced he will sell the rights to the highest bidder.
"Chris has always been integral to the success of the show. Now he hopes to become involved in the success of the business too," the Mirror quoted a source as saying. "The opportunity was there and he took it. It's a logical step."
The winning bidder will get worldwide rights to the program, which is now shown in 106 countries.
2014: The Year in Music [PHOTOS]