Sources close to the matter told the business daily that Jynwel Capital chief executive Jho Low was behind the bid, arguing that Reebok would fare better as an independent brand.
And funds linked to the Abu Dhabi government plan to communicate soon with Adidas management, the report said.
Adidas bought Reebook in 2006 for three billion euros hoping to pile pressure on US rival Nike.
But the German giant still has seen its share of the US market keep shrinking.
It has been a tough year for Adidas.
The company slashed its annual net profit forecast to about 650 million euros. That was much lower than previous guidance for between 830-930 million euros- AFP