Citing an unnamed city insider, the veteran reporters say Newsom approached the insider at a recent charity event and asked him to help him raise funds for a second run at governor.
Newsom's first run at governor was short-lived. Internal chaos within his camp and an inability to raise enough money to compete with the veteran Jerry Brown forced Newsom to bow out of the race early.
The former mayor has already opened a re-election campaign for 2014 but Matier and Ross say he could easily transfer funds over if need be.
Newsom reportedly has no intention of challenging Brown.