Reports in the press this morning have suggested that the consortium would follow a similar model to the break-up bid for ABN Amro last year.
The Daily Telegraph says JP Morgan is understood to have spoken to the National Australia Bank over the break-up bid.
The move could see JP Morgan act as the adviser to the group in the same way as Merrill Lynch in the ABN Amro deal.
This follows speculation earlier this week that Spanish bank BBVA was planning a takeover of the firm.
HBOS shares fell 4 per cent this morning as a result of the speculation.