Wednesday are up for sale following the end of Dejphon Chansiri’s ten-year tenure as owner.
The club was placed into administration last week, which saw them docked 12 points as punishment.
The Guardian says Ashley, 61, is now frontrunner to buy Wednesday.
Administrator Begbies Traynor has laid out the framework for Wednesday's purchase, which includes proof the buyer has access to £50m.
The sale is in the form of an auction, with Ashley expected to open the bidding with an offer £10m.
Begbies Administrator Kris Wigfield said: “There are four or five interested parties that look like the real deal.
“I’m hopeful that by the end of November, if things go well, we might know who’s going to buy the football club.
“Then hopefully a deal can be concluded this calendar year, so that the new owner is in for the January transfer window, if the EFL allows the new owner to buy players.”