The 44-year-old made over 250 appearances for the Whites during his playing career and returned to Elland Road in October as a special guest for the game against Birmingham.
Now the South African has revealed on his personal website that he is looking into buying a part of the club and hopes to return the Sky Bet Championship outfit to the top tier of English football.
His statement on lucasradebe.com read: "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.
"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."