Bhatia, the son-in-law of Indian billionaire Lakshmi Mittal, stepped down as director and co-owner of QPR on Tuesday afternoon, having held that role at the Championship club for 18 years, transferring his shareholding to majority owner Ruben Gnanalingam.
In a statement, FSG told the BBC: "An investment consortium led, managed, and represented by Amit Bhatia has expressed interest in making a strategic minority investment in Liverpool Football Club."
It is understood that no deal has yet been finalised.
Should the investment proceed, it would follow a similar structure to the deal FSG struck in 2023, when the club sold a minority stake to global sports investment firm Dynasty. FSG bought Liverpool in 2010 for £300million, at a point when the club was on the verge of administration.
According to the Financial Times, a deal with Bhatia's consortium would value Liverpool at more than $6billion, or roughly £4.5billion, a figure that would represent one of the largest valuations ever placed on a football club. Bhatia is understood to have already appointed advisers to work on a potential offer.
The Mittal family's wider investment portfolio includes a controlling stake in Indian Premier League cricket franchise Rajasthan Royals, giving Bhatia experience of major sports ownership structures beyond his time at QPR. Any deal is understood to be at an early stage, with a minority investment expected to leave FSG in overall control of the club regardless of the eventual size of the stake sold.
The interest comes at a significant moment for Liverpool's ownership structure. FSG has previously brought in outside investment to help fund stadium expansion, training facilities and transfer spending without diluting its control of football operations, and any deal with Bhatia's group would likely follow that same pattern. The proposed valuation underlines how significantly the club's commercial value has grown since FSG's initial purchase 16 years ago, when Liverpool was in a considerably more precarious financial position than the one it finds itself in today.