However Low has in the past one year distanced himself from 1MDB a government investment fund that has drawn a lot of attention.
Adidas shares, which are down 41% this year after a series of profit warnings, traded up 4.4% by 6.37am EDT on Monday.
Warburg Research analyst Joerg Philipp Frey said the reported offer represents a 30% premium to the company's valuation, based on earnings multiples.
"From the Adidas perspective, that would be a great price. Whether management would accept it is another matter as it would be an admission of defeat," he was quoted saying by Reuters.
Earlier this month, Adidas announced plans to return as much as 1.5 billion euros to shareholders over the next three years, seen as an attempt to placate investors and fend off potential moves by activist funds.
Equinet analyst Ingbert Faust estimates that the value of the Adidas brand is around €13bil, well above its current market capitalization of €11.5bil.
The Reebok deal initially doubled Adidas' US sales, and taking over Reebok's basketball and baseball contracts gave the German company more exposure in the world's biggest sportswear market.
Adidas has made some progress of late by repositioning Reebok as a fitness brand with a range of sponsorship deals and shoe launches, recording its fifth quarter of growth in the second three months of 2013.
The investors planning a bid want to maintain Reebok's current strategic path and keep its top executives, but spend more on marketing and store rollouts, WSJ reported.
"Despite the short term gain, the sale will effectively be ending Adidas's interest in a number of fitness and health markets that have been growing quickly in North America. This could have longer-term implications for the German firm."
Adidas said in May it was considering offers for its Rockport shoe brand, which it acquired when it bought Reebok and which saw sales rise 6 percent to €289mil in 2013.
Bloomberg reported on Tuesday that even if Adidas AG is selling its Reebok unit at a loss, this would be the best first step the sporting-goods maker can take toward recouping the US$10bil that shareholders have lost this year.
After turning in the worst performance in Germany’s benchmark DAX Index this year, breakup estimates show that Adidas could recover at least 15% by selling off Reebok and other businesses.
At its current price, Adidas is getting no credit for Reebok, the TaylorMade golf line, Rockport comfort shoes and CCM Hockey skates, according to Andreas Inderst, an analyst at Exane BNP Paribas.
Inderst has the most bullish breakup value estimate at €82.50 a share, implying Adidas could restore more than two-thirds of its lost value by slimming down to become a more focused business.
At the lower end of the range is Morningstar Inc. at €65, still higher than the €56.61 price it closed at yesterday. The stock was little changed at €56.64 as of 9.16am. in Frankfurt on Tuesday. - WSJ, Reuters, Bloomberg