Mido is deemed surplus to requirements at English second division side Middlesbrough, who are ready to offload him before the start of the season.
The Egyptian striker was left out of Boro's pre-season trip to Ireland due to lack of fitness.
However, he could be given a new lease of life if he joined Ajax, the club he made his name with during a highly-successful tenure from 2001 to 2003.
"Ajax want to sign Mido on loan for one season," the source, who spoke on condition of anonymity, told FilGoal.com.
Mido helped Ajax win the league and cup double in 2002 before joining French side Marseille one year later.
He could be reunited with Ajax's Dutch coach Martin Jol, who managed him at English side Tottenham Hotspur from 2005 to 2007.
The 29-time Dutch champions boast one of the most sought-after strikers in Europe in Luis Suarez, who produced some impressive displays with Uruguay in their run to the World Cup semi finals.
Turkish side Kayserispor are also believed to be targeting Mido, according to widespread reports.
Egyptian midfielder Mohamed Shawky has recently terminated his contract with Kayserispor to join Cairo giants Ahli.