According to the Herald, sources close to the talks say the two are hoping to beat out NY financier Wayne Rothbaum for the team.
The alliance pairs one of Miami's most prominent political leaders - Bush lives in Coral Gables- with one of the most famous names in baseball.
News of Jeter and Bush's bid to buy the Marlins has been confirmed by the Associated Press. They initially had competing interests in pursuit of the team. Jeter carries obvious baseball cachet and Jeb's brother George W. was a well-liked part-owner of the Texas Rangers for a number of years.
Spokesmen for Jeter and Bush didn't respond to requests for comment.
During the Marlins home opener, team President David Samson he would not address any prospective buyers.
Loria is now seeking a suitor to buy his franchise.
"In my mind, I think this is the greatest sport in the world", Jeter said.