U.K.-based Chorion is planning to make a bid to buy the THOMAS THE TANK ENGINE property from Apax Partners, reports Deadline.com. Apax wants to sell the property by spring 2011 and is looking for $700 million. Reports have that pricetag double what Apax paid in 2005. For Chorion to make the deal it will need to get the backing of 3i, the equity firm that owns the company.

In the mix along with Chorion are Disney and Fremantle.

Previously, Apax was in talks with Disney to purchase THOMAS. Apax was looking for $800 million at the time, which was too pricey for the Mouse House.

The top preschool brand in the U.S., U.K., Australia, and Germany generates $100 million per year.