Hussein Salem has offered to return assets he amassed illegally in exchange for the cancellation of court rulings against him and his sons, state-run newspaper Al-Ahram quoted anonymous governmental sources as saying.
Salem, who fled to Spain during the uprising that ousted former President Hosni Mubarak, has been in negotiation with the government for the past few days to reach an agreement over the funds, Al-Ahram added.
Salem offered to pay LE2 billion, the sources said, but the Cabinet has not approved his offer.
Salem faces accusations of tax evasion and money laundering. In June, the Salem and former Petroleum Minister Sameh Fahmy were sentenced to 15 years in prison for their role in Egypt's gas deal with Israel.
The Spanish Supreme Court has ordered Salem’s extradition to Egypt, rejecting his request for asylum on the basis that the charges against him are politically motivated.