The American Idol creator has reportedly teamed up with music industry legend Chris Blackwell to put forward an offer of £350 million for record label Parlophone.
The label has to be sold by EMI in order for the company to be bought by Universal, and there were fears some of the UK's biggest musical exports would be sold to foreign investors.
However, Fuller and Blackwell are hoping to buy the label, which is the home of Bowie and PInk Floyd's back catalogues, as well as acts such as Coldplay, Kylie Minogue and Blur.
The Beatles' collection will not be included as part of the deal as it is part of the bigger EMI package being bought by US label Universal, reports The Sun.
Fuller already manages the Elvis Presley estate, the Beckhams, Andy Murray and Lewis Hamilton, while Blackwell founded Island Records and discovered Bob Marley.
Meanwhile, EMI also has to sell off EMI France (home to David Guetta), EMI's classical music labels, Mute (home to The Ramones and Jethro Tull) and Chrysalis (home to Depeche Mode, Moby and Nick Cave and the the Bad Seeds).