Max Nash / AP Customers stand in line to withdraw deposits from a branch of Northern Rock in London on Sept. 17, 2007. The Sunday Telegraph says Warren Buffett "has emerged as a potential buyer" of the troubled British mortgage lender.

Britain's Sunday Telegraph newspaper says today that Warren Buffett "has emerged as a potential buyer of Northern Rock," the U.K. bank that's been slammed by the global credit crunch.

Without further identifying its source or sources, the newspaper says it "has learned that Buffett ... has held talks with three of the bidders for the bank with a view to joining one of the consortia."

According to the report, JC Flowers, Cerberus and a new group including Olympus Partners and Five Mile Capital "are all understood to have discussed a deal with Buffett's advisers."

The Sunday Telegraph says "Buffett could sign up as a backer to one of the bidding teams within the next few days."

The story notes that JC Flowers and Richard Branson's Virgin Group are currently seen as having the best chances of making the successful bid.

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