BSkyB is reportedly considering a £4.5bn bid to take a controlling stake in Formula 1.
The future of the sport has been the subject of continued speculation in recent months.
Last week, the Financial Times suggested that the owner of the Miami Dolphins and investors from Qatar would make a joint bid to buy out CVC Capital's controlling stake.
However, the Sunday Times claims that the Qatari-backed consortium is only one of several potential bidders.
BSkyB and cable conglomerate Liberty Global are also said to have held informal talks with CVC over a possible takeover.
Should the British satellite broadcaster buy out the private equity firm's shares in F1, it could raise questions about UK rights to screen grand prix racing in the future.
Sky Sports F1 is contracted to screen every Grand Prix until 2018, while the BBC also broadcasts half of the races live.
