Dragons president Dai Watkins says the region are considering a move for Australia fly-half Stephen Larkham.
Larkham has been troubled by a knee injury
"The board have made money available, we've asked about two people, Larkham's one of them," he told BBC's Scrum V.
"We've approached his agents to see how much money they want. We'll have to wait and see, but he has an injury at the moment, that's deflated things."
Larkham, 33, who has 102 caps to his name, will quit international rugby and the ACT Brumbies after the World Cup.
Former Newport benefactor Tony Brown is considering helping to fund the move for the 1999 World Cup winner.
After turning down offers from England and France he had been due to join Edinburgh, but the deal fell through when the club returned from private hands into the control of Scottish Rugby.
The number 10, half of a record-breaking Wallabies half-back partnership with George Gregan, played in Australia's opening World Cup win over Japan.
Larkham's a world-class player and would be a fantastic purchase for the Dragons
Ex-Wales fly-half Jonathan Davies
But a troubling knee injury has sidelined him since and he has undergone two operations in France.
"I think the thing to understand is that with the infection there's been a clean-out of the knee and that creates irritation," said Australia assistant coach Michael Foley.
"It's all about how quickly that settles down so we'll know a little bit more early next week, but very much there's a chance that he may not play in the tournament again."
Former Wales fly-half Jonathan Davies welcomed news of the Dragons' interest in the player.
"He's a world-class player and would be a fantastic purchase for the Dragons," he told BBC Wales' Scrum V rugby programme.
"It would be a signal of intent to fans of the region and it would be great to see him playing in the Magners League.
"It's not a done deal yet - Toulouse could be involved and they have loads of money to splash around.
"English clubs will also be interested, and we'll have to see what develops with his knee injury."