Writing in the Telegraph, journalists Katherine Rushton and Christian Sylt said the bid is in direct competition with News Corp's Rupert Murdoch, who in 2011 was reported to be interested in buying the sport.
CVC would not comment, but F1 chief executive Bernie Ecclestone said he was not specifically aware of the Malone bid.
"You've got all these people that buy and sell companies, like people that buy and sell anything," he said.
"They always think that somebody who wants to sell is in trouble. They think they (CVC) are in trouble."