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In a statement to the London Stock Exchange, the company revealed that Julian Dunkerton has been given permission to hold discussions with potential financing partners.
This could include a cash offer for the entire business, but Superdry has stressed that talks are at a preliminary stage and no decisions have been made.
Executives also warned that the terms of any offer remain uncertain - and there's no guarantee that a deal will materialise.
In the meantime, Superdry is continuing to work with advisers to explore cost-saving options that will "position the business for long-term success".
Mr Dunkerton, who also founded the company, must announce whether he intends to make an offer for Superdry by the close of business on 1 March.
Superdry's stock was trading at 43.5p as of Friday lunchtime, up 105% in a single day.
But the retailer's share price has plunged by 64% over the past 12 months, extending to 91% since 2019.
Superdry is best known for specialising in goods like sweatpants and hoodies - but late last year, shares sank to a record low after abnormally mild autumn weather led to weak sales.
Last week, the company said its revenue had fallen by 23.5% to £219.8m in the six months to the end of October, with adjusted losses nearly doubling to £25.3m.
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Earlier this week, Sky News City editor Mark Kleinman reported that the company is weighing a radical restructuring that could involve significant numbers of store closures and job cuts.
Superdry and its advisers at PricewaterhouseCoopers have initiated work on plans that could lead to a company voluntary arrangement or restructuring.
The company has more than 3,350 staff and 215 stores, and there is little indication of how the proposals could affect them.
There has been persistent speculation that Mr Dunkerton, who owns roughly a quarter of Superdry's shares, would seek to take the company private.