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Gary Barber and Roger Birnbaum, who run production firm and financier Spyglass, are hoping to take control of a 4% stake in the company and fold its own library into MGM's.
Should the deal go through, MGM's creditors will relieve the company of its $4 billion debt and take a majority stake in the firm. The move will reportedly save the 86-year-old studio from forced bankruptcy.
After financial restructuring, MGM allegedly intends to lists its value as $1.9 billion.
MGM owns the right to the James Bond franchise and Peter Jackson's upcoming Hobbit films, however both franchises have been unable to move ahead while MGM's financial future is uncertain.
Birnbaum and Barber formed Spyglass in 1998 with a five-year distribution deal with Disney. It has since partnered up with other studios and financed its own projects.
Recent Spyglass releases include Star Trek, Get Him To The Greek and Dinner For Schmucks.
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