Others that may bid for Jaguar and Land Rover include Ripplewood Holdings, a group headed by Thomas Stallkamp, former president of Chrysler, according to the report.
One Equity Partners, whose senior partners include Jacques A. Nasser, the former chief executive of Ford, may also take part in the opening round of bids.
A spokesperson for Ford was not immediately available for comment and no one at Cerberus Capital Management, Ripplewood Holdings or One Equity Partners could immediately be reached.
India's Tata Motors and Mahindra & Mahindra are also exploring the possibility of bidding for Ford's Jaguar and Land Rover brands, the Economic Times reported on Thursday. Tata may finance a bid with joint venture partner Fiat, the newspaper said, citing industry sources.
A Tata Motors spokesman declined comment, and a Mahindra spokesman said the report was speculative.
Ford last month said it was working with financial advisers on the best options for the two premium brands. There have also been reports it may sell its successful Swedish unit Volvo.
Sources familiar with the matter told Reuters earlier this month that Jaguar and Land Rover were expected to attract limited interest.