Bernie Ecclestone is willing to pay EUR 25 million to settle the corruption case, media reports said on Tuesday.
The German news agency DPA said the F1 chief executive's lawyers made the proposal to pay the money to BayernLB, despite arguing the bank suffered no financial loss.
The report added that the application was made in a statement to the Munich court on Tuesday, even though the lawyers argue that the prosecutors' case against Ecclestone is "highly questionable".
Referring to the DPA report, Auto Motor und Sport on Tuesday claimed the lawyers are making the proposal because of how "extremely stressful" the case is to the 83-year-old Briton.
The defense offer is reportedly valid until August 8, and the prosecution is said to be evaluating it.