Everton chairman Kenwright has been searching for new investment

Lifelong fan Vaughan has been linked with a bid to buy out Everton director Paul Gregg's 23.2% stake in the club, which is worth a reported �7m.

Vaughan's spokesman Lee Maloney told the Liverpool Echo: "It has long been Stephen's dream to play a part in the club he has supported all his life.

"Without giving specific details it is something which he will endeavour to pursue with immediate effect."

Maloney added: "I am not at liberty to discuss any specific discussions with existing shareholders."

Blues chairman Bill Kenwright has been searching for new investment, and has yet to finalise a �12.8m cash injection from the Fortress Sports Fund.

Everton chief executive Keith Wyness said: "We are always happy to hear from any potential source of funding, but we have not had any formal approach from Stephen Vaughan nor his representatives.

"Sales of shares, however, are a private matter and entirely up to the individuals concerned."

Gregg was involved in a bitter boardroom battle with Everton chairman Bill Kenwright last summer and may want to sell his shareholding.

Kenwright possesses 25 per cent of the club's shares and is the majority shareholder.