"Madonna sees it as a natural move," the Telegraph quoted one of her associates as saying.
"She has ambitious plans."
In Mayfair, the American pop singer met Tony Fernandes, the Malaysian entrepreneur, who is the majority shareholder in the Aura group of nightspots, to discuss buying a stake in the company.
Aura Mayfair, to which Madonna, 52, is a regular visitor, runs events after Formula One Grand Prix races around the world. Fernandes, 46, who made his fortune through the no-frills AirAsia airline, is the team principal of the Lotus Racing team.
If the Queen of Pop does become involved in Aura, she would become a rival Mayfair landlord to her former husband, Guy Ritchie, 42, who owns The Punchbowl pub.
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