James Bord's consortium was selected over Ashley by Wednesday's administrators and entered a period of exclusivity. However, the group announced this week they had pulled out of the deal.
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Wednesday were set to be sold for £48m, but now remain on the market.
And The Sun says Ashley will meet with the club's administrators to discuss the prospect of reviving his bid.
Wednesday's administrators Begbies Traynor stated this week: “We have already been contacted by other parties who previously participated in the sales process and who have reiterated their interest in acquiring the club.
“We are therefore moving immediately to re-engage with those bidders under a new expedited timetable.”