There are reports that Alfredo Cazzola could once again become President of Bologna after the club was officially put up for sale.
Bologna's existing owner Sergio Porcedda has put the club on the market just five months after buying a controlling stake from the Menarini family.
He allegedly failed to pay two months worth of wages, prompting Italy's financial regulatory body to refer Bologna's case to the FIGC's tribunal.
Bologna risk a three-point penalty for financial irregularities and Porcedda, who is deeply unpopular, feels that the only option to avoid bankruptcy is to sell.
Giovanni Consorte, an intermediary from an investment bank, has temporarily taken charge to find a new buyer for Bologna.
He has already sought out Cazzola, who was President of Bologna in 2008 when the team earned promotion back to the top flight.
"I will put the knowledge that I have learned in sport and in football in particular on the pitch," Cazzola said.
"At the moment I have not received other requests."