The billionaire has teamed up with the Luxembourg-based investment company Genii Capital, which recently invested in Renault's racing team.
Saab has been put up for sale by owner GM as part of a major restructuring operation, and a bid deadline passed on Thursday.
Ecclestone, 79, told the Bloomberg news agency: "It's a good brand.
"It's a good brand that has probably been neglected by the current owners. We don't own it yet, so let's see what happens."
Genii added that it "will aggressively work towards a successful closing of the transaction with all the relevant stakeholders of the company".
The extent of Ecclestone's involvement in the bid has not been revealed. He is reportedly worth around 3.7bn dollars (£2.3bn).
An offer for 62-year-old Saab has also come in from Dutch bespoke car maker Spyker.
"We believe the Saab brand has lots of potential and would be keen to close a deal as quickly as possible," its chief executive Victor Muller said.
GM's interim CEO, Ed Whitacre said earlier this week he was not confident a deal could be reached.
Could we see Renault become Saab in the near future???
Edited by Duck of Death, 08 January 2010 - 07:39.