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Mr Buffet recently invested $5 billion (£2.81 billion) into the struggling Goldman Sachs. In return, he was given preferred shares guaranteeing an annual return of ten per cent in dividends and the option to sell them back at a profit of ten per cent.
He can also choose to buy additional shares at less than September's market value over the next five years.
According to the Telegraph, Treasury insiders and city experts are "increasingly attracted" to this method of aiding the UK's banks.
"At the first meeting today of the National Economic Council, discussion may now be dominated by whether Britain should be following in the footsteps of Warren Buffet," the newspaper said.
Mr Buffet is ranked as the world's richest man by Forbes, with a net worth of $62 billion.
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