Kenyon, the former Manchester United and Chelsea chief executive, was said to be working with an American group to acquire Newcastle from owner Mike Ashley.
But the newspaper claims he has now turned his attention to another club with ownership problems in Bolton.
The report comes after another group, fronted by Parminder Basran, ran into difficulty after agreeing a £27 million deal for the struggling Championship club.
Whether or not Kenyon will fare better than Basran, however, remains to be seen.
Bolton have been given a deadline to ensure Saturday's game against Millwall can go ahead, according to The Sun.
The Trotters' training ground was closed this week as club staff continued to go without pay.
Kenyon, who grew up in Tameside, Greater Manchester, is said to have worked closely with both Wolverhampton Wanderers and Newcastle's local rivals, Middlesbrough, since leaving Chelsea.
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