A deal has been the subject of media speculation for much of the past month after news of the possible acquisition was reported in China Daily, an official mainland Chinese newspaper, on Nov. 9.

In the past, Mr. Ma’s deal-making style has come under scrutiny for purchases that seemed out of line with Alibaba’s strategy. For example, the company bought into a soccer team in 2014.

Having Mr. Ma make the investment personally would mean that only one company board, the newspaper’s, would need to approve it. “For him, it’s like pocket change,” the person said.

A deal for The South China Morning Post, the person said, would fit in with Alibaba’s broader holdings. The company owns stakes in Chinese Internet sites with a media bent, like Youku Tudou, which is similar to YouTube, and Sina Weibo, akin to Twitter. The person said that The South China Morning Post had a good brand and that the takeover “might lead to some synergy.” Any such advantages would be easier to realize if Alibaba were the buyer, the person said.

But the companies have drastically different audiences. Despite having a Chinese-language service, The South China Morning Post is primarily focused on the limited English-speaking market in Hong Kong, although its coverage of China is read globally. Content on Youku Tudou and Sina Weibo is overwhelmingly in Chinese.

Under an agreement announced this month, copies of The International New York Times for Hong Kong and China will be printed by The South China Morning Post beginning in February.

The main concern among some people who study the Chinese and Hong Kong press is that ownership of the newspaper by Mr. Ma or Alibaba could further erode media independence in Hong Kong. Mainland Chinese enterprises have been deepening their stakes in the local industry, and journalists here say they are feeling increasing pressure to soft-pedal issues deemed provocative by the governing Communist Party in Beijing.