A team led by chairman Dennis Cope has told the remaining directors and Fairview's financial adviser, Close Brothers, that it is prepared to offer 170p a share, valuing the company at £295m.
The offer price is at a premium to Fairview's share price of 153.5p on Tuesday.
The buyout talks started in April but in July the management team asked for a three-month suspension in the light of poorer than expected sales figures over the summer. In the first round of talks, the offer price was not made public.
Fairview company secretary Keith Tipping declined to discuss the renewed bid, which has revived speculation that other parties could be preparing an approach for the £200m-turnover housebuilder.
Peter Alcaraz, managing director of Close Brothers Corporate Finance, said: "A lot of people are potential buyers, but we have not received any approaches." Alcaraz said that discussions with the buyout team would continue until he was ready to make a recommendation to shareholders.