Three-time English top flight champions Leeds are currently in the Championship, after being relegated from the Premier League in 2004. They are now owned by Middle East company GFH Capital.
During Radebe's captaincy at the turn of the century, United reached the semi-final of the Uefa Champions League and challenged for the title. However financial difficulties resulted in their slide down the table.
Now, the former Bafana Bafana and Leeds hero has confirmed he is a member of the consortium interested in buying the club.
Radebe released the following statement on his official website, LucasRadebe.com
"Following recent speculation, I can confirm that I am part of a consortium which has submitted a preliminary indication of interest regarding the acquisition of a stake in Leeds United Football Club. We hope to continue our recent discussions confidentially with the current shareholders and the Board. We would like the opportunity to explain both the substance of our proposal, and our strategy for working with GFH Capital to continue the re-building process at the club," stated Radebe who made over 250 appearances for Leeds.
"Leeds United has a special place in my heart. Ever since I retired I have been considering ways to get involved at the Club – working at Board level with an equity interest would be the pinnacle. It is my dream scenario. I would not have become involved if I didn’t think our consortium would be able to help give the Club a chance to go back up to the Premier League where it belongs, and to keep it there. I am hopeful we can find a way forward and make progress," said the 44-year-old.
Radebe visited Elland Road recently to watch Leeds host Birmingham City. However GFH stated earlier this week that approaches by the consortium were not solid, yet.
"We are watching with a mixture of bemusement and interest the reports suggesting any credible takeover bid has been made. No serious approach has been made by any members reportedly concerned," read the GFH statement.
Leeds United Supporters' Trust chairman Gary Cooper told BBC Sport that the fans would welcome Radebe being involved in a potential takeover.
"Obviously we, and all Leeds United fans, need more detail. But it has got to be exciting because of the involvement of Lucas Radebe," he said.
"Leeds United winning promotion back into the Premier League with a group involving Lucas, who is loved by all Leeds United supporters, would be an ideal scenario.
"He knows what it takes to be successful at Leeds United, because he was part of those great European nights in the late 1990s and early 2000s," Cooper told the BBC.