The non-binding talks will run until February 15 with negotiations described as “preliminary” and subject to due diligence.

Independent News & Media, the Irish owners of the titles, said in a statement: “There is no certainty that these discussions will lead to the finalisation of a transaction of any kind.”

Despite reports that the talks were at an advanced stage it appears unlikely a deal will proceed before Christmas. “It will be quite a complex agreement,” according to one source.

Mr Lebedev, a Russian billionaire that bought a 75 per cent stake in the Standard last year, has held intermittent talks with Independent News & Media over a potential purchase of the loss-making UK newspapers over the past 18 months.

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