By The Canadian Press

LONDON - A player with very deep pockets may be looking at jumping into the battle for control of PotashCorp. of Saskatchewan (TSX: POT.TO).

Several British media outlets are reporting that the Ontario Teachers Pension Fund is eyeing a bid to rival a hostile takeover attempt by international mining giant BHP Billiton.

According to the media reports, Ontario Teachers has approached Temasek, Singapore’s state investment agency in a search for partners.

The reports say discussions are at a very early stage and that none of the players were commenting publicly.

PotashCorp has complained BHP's US$38.6-billion, US$130-per-share bid undervalues the company. CEO Bill Doyle has predicted that other bidders will come forward but so far no one has formally emerged.

There have been unconfirmed reports that Doyle and other PotashCorp executives are attempting to put together a management-led buyout with backing from strategic investors in China and financial investors from pension funds elsewhere.