The report states that Bhatia's group, currently negotiating for as much as 30% of the club, are considering how to progressively increase their equity over time in order to eventually assume a controlling position, rather than simply taking a passive minority holding.
Bhatia, the former Queens Park Rangers chairman and son-in-law of steel billionaire Lakshmi Mittal, has also approached Amazon founder Jeff Bezos and Facebook co-founder Eduardo Saverin about joining the consortium, though representatives for both declined to comment when contacted.
A deal along the lines being discussed would value Liverpool at around $6bn and would mark the latest addition to the Mittal family's growing sports portfolio, which already includes Aditya Mittal's $1bn investment to become co-owner of the NBA's Boston Celtics and an unsuccessful attempt to buy the NFL's Seattle Seahawks for more than $9.5bn, as well as a 75% stake in Indian Premier League side Rajasthan Royals bought for $1.65bn.
Talks are continuing over the significant minority stake as part of Liverpool's pursuit of further outside investment, following the club's 2023 agreement with Dynasty Equity, believed to have been worth between £82m and £164m for a small single-figure percentage.
Speaking to Bloomberg during the club's pre-season tour of the United States, chief executive Billy Hogan gave little away on the latest reports: "I can only refer back to the statement from FSG last week that we have been approached by a consortium that's led, managed and represented by Amit Bhatia for a strategic minority investment in the club.
"And I wouldn't say anything other than that at this point."
The update comes at a period of wider uncertainty at Anfield, with Michael Edwards having left his role as FSG's CEO of football and sporting director Richard Hughes continuing to be linked with a move to Saudi Arabian club Al-Hilal, adding further intrigue to a summer already dominated by questions over the club's ownership structure as much as its business on the pitch.