Former Centaur chief exective Geoff Wilmot has confirmed he is in talks with financial backers about making a bid for the business.
Wilmot left Centaur in June along with managing director of the business publishing division Tim Potter.
The Centaur share price has risen by more than 20 per cent in recent days to 60p this morning.
A stock market announcement last night said: "Mr Wilmot notes the recent movement in the share price of Centaur.
"Mr Wilmot, the former CEO of Centaur, confirms that he is considering an offer for Centaur and to that end has had preliminary discussions with certain prospective finance providers."
Under take-over rules Wilmot must now either make an offer for Centaur or withdraw by 22 October.
Centaur said in a statement: "Centaur Media plc notes the announcement yesterday by Geoffrey Wilmot that he has had preliminary discussions with prospective financial providers in relation to a potential offer for Centaur.
"The board of Centaur confirms that to date no discussions have taken place between the company and Geoffrey Wilmot concerning a potential offer."
Centaur publishes a range of business titles including The Lawyer, The Engineer, Money Marketing, Creative Review and Marketing Week.