Oscar-winning actor Russell Crowe has made a multimillion-dollar bid to buy the South Sydney rugby league club.

Crowe and his friend, businessman Peter Holmes a Court, have been negotiating to buy the club either partially or outright.

Souths chairman Nick Pappas said the club was honoured to be in talks with the pair.

"They're looking at this together and we've been speaking to them together and we're very excited and very honoured, I should say, that Peter and Russell are talking to us about proposals that would entrench the club as a Sydney club forever," Mr Pappas told the Nine Network.

Crowe, the highest-profile supporter of the embattled club, has long expressed an interest in owning Souths.

"I'd like to buy the club ... you're actually talking about rugby league fantasy stuff, yeah I'd like to be able to have a situation like they do in America. They have individual owners," Crowe said earlier this year.

Mr Pappas said club members would need to approve the sale.

"This is just one of a range of options we're looking at, it's proceeding very well, it's still in the early days, but nothing will happen until members have an opportunity to contribute and decide."

The Nine Network said talks between Crowe and Holmes a Court and the club would take place for another four weeks before a firm offer would be tabled.

Souths chief executive Shane Richardson said the Rabbitohs would never consider a deal that put the club's tradition at jeopardy.

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