His company Frasers Group says it's in negotiations to buy collapsed department store chain Debenhams.
Frasers, formerly Sports Direct, said that it hoped a rescue deal could be agreed and jobs at Debenhams saved.
But it cautioned that the transaction was complicated and talks needed to happen quickly.
A former shareholder in Debenhams, Ashley's Frasers Group has long-been linked to its rescue.
Administrators for Debenhams said last week it would be wound-down, closing all its shops after 242 years in business.
The chain employs around 12,000 people.
Last week's announcement came after Topshop-owner Arcadia Group collapsed into administration.
Arcadia is the biggest concession operator in Debenhams, and its collapse looks to have been the final straw.
Frasers said in a statement on Monday (Dec 7) that Arcadia's collapse was a complicating factor in any potential rescue deal for Debenhams.
Ashley, a former squash coach who owns 64% of Frasers Group as well as Newcastle Football Club, has spent recent years buying up much of the UK high street.
The latest developments came as there was yet more bad news for British stores.
Fashion retailer Ted Baker cut 953 jobs on Monday (Dec 7) as lockdowns sent first-half losses soaring.
The brand said its pretax loss widened to over 51 million dollars in the six months to August 8th.
It also warned of further pain from a no-deal Brexit as the European Union divorce deadline looms.
The flow of goods through UK ports is under threat unless a new trade deal can be agreed.
