"Coach Bertalan Bicskei believes Farag would be a valuable addition to our squad," Farag was quoted as saying by Egyptian daily Al-Messa.
"We have opened negotiations with Ahli over the possibility of signing him in the summer."
Farag has failed to convince Ahli coach Manuel Jose that he was good enough to play on a regular basis since joining from Ghazl Mahalla last summer.
He voiced his displeasure at Jose's stance more than once and said he regretted his decision to move to Ahli.
"When I watch my goals with Mahalla I bemoan my current position at Ahli," the 26-year-old said in March.
Farag, who has played a bit-part role since his arrival, scored just one goal for Ahli this season.
Masri are eyeing a new striker after Ghanaian Razak Pimpong, who joined the Port Said-based club in the January transfer window, failed to impress.
They have one reliable frontman in Mohamed Al-Gabbas, who notched nine goals in the Egyptian Premier League.
It remains to be seen whether Farag would accept to leave Ahli especially after Jose announced he would step down as the Red Devils' boss at the end of the season.