BHP Billiton, the world's largest mining company, has revived plans for a $40 billion (£20.2 billion) takeover of Alcoa, the aluminium producer.
It is understood that the Anglo-Australian miner was looking at a possible bid for the Pittsburgh-based Alcoa in February.
The plan is believed to have been sidelined by Chip Goodyear, the chief executive, who favoured returning cash to shareholders, but he is to be replaced when he retires in October by Marius Kloppers, the present executive director, and it is understood that the Alcoa bid plan is back on the table.
BHP is in only the early stages of weighing a potential takeover and it is not thought to have made an approach to the aluminium producer.
A spokesman for BHP said: "It is our duty to keep an eye on all opportunities in the market, but we do not comment on market speculation."
Alcoa is embroiled in a bidding war of its own for Alcan, its North American rival. The $33 billion bid has been rejected by Alcan's board and predators are thought to be circling both companies.
Alcoa decided to bid for Alcan after divesting its upstream business, which makes tin cans and aluminium wheels. Shareholders had criticised this business for dragging down the performance of the booming mining and smelting division.
Divesting the upstream business removed the poison pill that had put off bidders, so Alcoa is seeking to buy Alcan and effectively make itself too large to take over.
Senior mining industry executives say that a number of companies are considering moving on both Alcoa and Alcan before they come together and fall off the target list. Rio Tinto, the world's second-largest miner, looked at Alcoa this year but has switched its focus to Alcan. CVRD, of Brazil, is thought to be interested in Alcoa.
Mining companies such as BHP, Rio and Anglo American are flush with cash thanks to a boom in commodity prices. All three are to return this money to investors in the form of share buybacks rather than seek expensive acquisitions. However, this may change as all three appoint new chief executives this year.