Steinbrenner was the former billionaire owner of New York Yankees baseball team and his son-in-law, Joseph Molloy, is in talks with the League Two club over a potential takeover, according to Sky Sports.
Molloy previously worked as a managing partner of the Major League Baseball team, but is no longer involved with the club.
The British media outlet reports that no other members of the Yankees management team nor any other member of the Steinbrenner is involved in the potential takeover.
Notts County sit in eighth position in League Two, just outside of the play-off places on goal difference.