A source told The Canadian Press on Thursday that DelBiaggio is back in talks with Predators owner Craig Leipold.
DelBiaggio is after a franchise for Kansas City. Balsillie was looking to bring the team to Hamilton.
The Canadian Research In Motion co-founder had reached a US$238-million deal to buy the Predators, but a binding agreement has yet to be finalized. DelBiaggio's original offer reportedly was a less lucrative US$190 million.
"We are currently free to explore any and all options regarding the sale of the Nashville Predators," Gerry Helper, Nashville's senior vice-president of communications and development, said in a statement. "However, until and unless there is a binding agreement in place, we do not plan to comment on the status of Predators ownership.
"We will not comment on rumours and speculation."
Leipold's non-binding deal with Balsillie was completed on May 24 but had yet to be finalized because Balsillie wanted the league's board of governors to review and approve his contingent relocation plans for Hamilton first.
That wouldn't have been able to happen until at least September, when the board next meets.
DelBiaggio had said last week he was no longer involved in the chase for the Predators. But that has changed according to the source.
DelBiaggio is looking for a team to play in Kansas City's new Sprint Center.