Sir Anthony O'Reilly announced on Monday he is willing to consider offers for The Independent, Times Online reported Tuesday.

"Does Sir Anthony want to sell The Independent? No. Is it formally for sale? No. But is it fair to say he is open to discussions with potential buyers? Yes he is," a "source close to Independent News & Media" told The Times.

One possible buyer for the UK newspaper is former KGB officer Alexander Lebedev, who earlier this month bought the Evening Standard, according to the report.

The Independent loses about £10 million each year, according to The Times. Operating profits at Independent News & Media will be at about €275 million this year.

O'Reilly's son, Gavin O'Reilly, is chief operating officer of INM, and also president of the World Association of Newspapers' executive committee and board.