Independent investment group Olivant has is currently preparing a proposal to buy a minority stake in Northern Rock, according to BBC reports.
This flies against the media attention currently surrounding Virgin Money and JC Flowers who have bid for a majority stake, alongside Cerberus, the firm currently courting bidding rumours.
Instead Olivant would not buy the whole of Northern Rock, but would send in a team led by Arnold in to work with the existing management structure.
