However, Knight and the label filed for bankruptcy in April 2006, claiming they were $137 million in debt and had $4.4 million in assets.
Information about Warner Music Group's offer was contained in a Feb. 1 filing in U.S. Bankruptcy Court in California, the New York Post said.
Sale of the catalog, which is believed to include about 10,000 songs, has long been stalled because potential buyers weren't sure which assets the now-shuttered label still controls.
The Post said Warner Music Group is only interested in buying the catalog if it includes Dr. Dre's album "The Chronic," as well as unreleased tracks by Shakur.
However, the properties have been at the center of separate disputes regarding royalty payments and ownership.
2014: The Year in Music [PHOTOS]