The former Conservative chancellor Nadhim Zahawi is in talks to smooth the path to a takeover of The Daily Telegraph being led by the New York-based media investor Dovid Efune.

Sky News has learnt that Mr Zahawi has been working for several weeks with LionTree, Mr Efune’s investment banking adviser, on the deal, which is expected to be worth in the region of £550m.

City sources said on Monday that Mr Efune, proprietor of the New York Sun, was exploring securing a portion of funding for the takeover from Sir Mohamed Mansour, the former Tory treasurer.

In September, Sky News revealed that Sir Mohamed had been approached to provide as much as £150m to a standalone bid for the Telegraph titles that was being spearheaded by Mr Zahawi.

Mr Efune subsequently secured a period of exclusivity to finalise a deal before the end of November, and is now lining up financial backers to help clinch the deal, aided by the former Tory chancellor.

If completed, the transaction will crystallise an unlikely profit for RedBird IMI, the Abu Dhabi-backed vehicle which paid £600m to acquire a call option that was intended to convert into ownership of the Telegraph newspapers and The Spectator magazine.

One source said that depending on the final structuring of the deal, it could be worth as much as £575m

The Spectator was recently sold for £100m to Sir Paul Marshall, the hedge fund billionaire, who has installed Michael Gove, the former cabinet minister, as its editor.

Insiders said that Mr Zahawi was likely to be handed an ongoing role at the Telegraph if the bid from Mr Efune was successful.

The former chancellor, education secretary and vaccines minister has been involved in the Telegraph process in various guises, initially helping broker a deal with RedBird IMI before assembling his own offer.

He has close connections to many of the Gulf-based figures involved in the process, including Sultan Ahmed al-Jaber, chairman of the bidding vehicle.

Mr Zahawi has also since been named chairman of Very Group, the online retailer owned by the Barclay family which controlled the Telegraph for two decades, and which is now part-funded by IMI.

The UAE-based IMI, which is controlled by the UAE’s deputy prime minister and ultimate owner of Manchester City Football Club, Sheikh Mansour bin Zayed Al Nahyan, extended a further £600m to the Barclays to pay off a loan owed to Lloyds Banking Group, with the balance secured against other family assets.

Spokesmen for Mr Efune, Sir Mohamed and RedBird IMI all declined to comment on Monday, while Mr Zahawi could not be reached for comment.

The former minister has said little publicly about his interest in a role at the Telegraph, although he did tell Sky News presenter Sophy Ridge in September that it “would be an incredible honour for me, a real privilege if I were ever to… chair the Telegraph [or] be involved with [it]”.

Sir Mohamed, who has donated millions of pounds to the Tories, was knighted earlier this year – a move which was lambasted by critics of the honours system.

His family office, Man Capital, is the second-biggest shareholder in the coffee shop chain Caffe Nero, while he owns San Diego FC, a new Major League Soccer franchise which will make its debut next year.

The London-based billionaire was the Tories’ senior treasurer from late 2022 until this year’s general election.

Mr Efune’s bid has raised the extraordinary possibility of a return to the British newspaper group for Conrad Black, its former proprietor, Sky News reported earlier in the autumn.

Lord Black, who ceased to be a member of the House of Lords earlier this year on the grounds of his non-attendance, writes regular opinion pieces for the digital title and was a founding director of its publisher.

For decades, Lord Black was a colossal figure in the newspaper industry both in Britain and beyond, overseeing titles at Hollinger International which included the Telegraph, The Jerusalem Post and the Chicago Sun-Times.

He acquired an initial stake in the Telegraph group in 1985, before gaining full control later that year.

After being convicted in 2007 of fraud and obstruction of justice, he spent three-and-a-half years in prison, and in 2019 was pardoned by President Trump.

Other bidders for the Telegraph included National World, the London-listed vehicle headed by former Mirror newspapers chief David Montgomery, and Lord Saatchi, the former advertising mogul, who offered £350m.

Lord Rothermere, the Daily Mail proprietor, pulled out of the bidding earlier in the summer amid concerns that he would be blocked on competition grounds.

The Telegraph auction is being run by Raine Group and Robey Warshaw, the advisers to the Abu Dhabi-backed entity which was thwarted in its efforts to buy the media titles by a change in ownership law.