Arnault is chairman of luxury goods group LVMH and Frere is chairman of Groupe Bruxelles Lambert, the Belgian investment company. They both announced they would create a new investment joint venture to fund a possile offer.
"They are looking at Aston Martin. It falls within the scope of their investment fund," an anonymous person close to the pair told the Financial Times today.
In a statement, they said the venture would invest in both listed and unlisted companies, mainly in Europe. "Several projects are already being studied in-depth," it said.
A bid for Aston Martin would be worth an estimated €1 billion (£670m), the newspaper said.