Australia's richest woman, Gina Rinehart, is reportedly considering launching a takeover bid for Fairfax Media.

Ms Rinehart owns almost 15 per cent of Fairfax and may launch a full takeover bid, The Australian reported on Monday.

Ms Rinehart bought into Fairfax in 2012 and became the company's largest shareholder.

The multi-billionaire is reportedly disappointed with the performance of the company and the decline in value of its radio assets.

The Australian said Ms Rinehart had approached business associates for suggestions on who could better manage or sit on the Fairfax board in the event she launches a takeover bid.