According to The Sun, the pop icon has been backed by a consortium to take over the League One side, the team he grew up next to.
A source said: "It's really early days, but Robbie's been formally approached to see if he's interested in fronting a bid. Port Vale remains one of his greatest loves, and it's always been a dream to be more involved.
"He's had a couple of meetings, and his backers are incredibly excited.
"They feel Robbie would add the star quality, and make Port Vale a major player."
The 49-year-old was recently named as club president of Port Vale, something he was over the moon about.
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Speaking to the club's social media channels, he said: "My life is bizarre and wonderful and has taken many turns and twists and to find myself from the Railway Paddock to be 'El Presidente' is pretty special.
"It feels as though I need to be doing more in and around this place."
The club, though, have played down any talk of an imminent takeover, insisting no talks have taken place, but did acknowledge he may be involved in some 'positive projects' in the near future.
A statement read: "There are a number of positive club projects that both Robbie and Carol [Shanahan, the club's current owner] are exploring with the intention of anything delivered being in the best interests of Port Vale Football Club. As owners of the club, the Shanahan family remain fully committed to Port Vale FC."
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One project mooted in the report could be similar to the docu-series Welcome to Wrexham that is streamed on Disney+ featuring owners Ryan Reynolds and Rob McElhenney.
The Sun source added: "Seeing what Ryan and Rob have done with Wrexham — the increased footfall, merchandise sales and general profile build — is inspiring. Port Vale fans love Robbie and, on paper, it's a match made in heaven."
The Hollywood stars took over the north Wales side in 2021 and have since got them promoted from the National League to League Two, while the doc landed five Emmy awards at the 2024 edition.
Meanwhile, Port Vale are scrapping for survival in League One.
They sit just three points above the drop zone, but have two games in hand over fourth from bottom Reading.