Stuart Wilkie, Managing Director of Tata Strip Products UK, is heading up a bid to buy Port Talbot steelworks, it has been confirmed.
Mr Wilkie says his plan could offer "sustainable future success".
The investment he is seeking from employees could be as much as £10,000 each, according to sources. Private investors and government support would also be needed.
Plaid Cymru leader Leanne Wood has welcomed reports that a senior manager at Port Talbot steelworks is planning a management buyout of the plant.
She says the development "represents the best hope of safeguarding the future of the Welsh steel industry", and has urged the government, unions and the public to support the bid.
Stuart Wilkie believes the loss-making business can be turned around, but at this stage we know little about what he proposes.
A potential buyout of the Port Talbot steelworks is to be led by one of its most senior staff, ITV News understands.