"I had a meeting with the consortium and we went over the plans for the club," Lorimer said in a joint statement.
"And I was impressed with what I saw. On the back of that I've agreed to become a member of the board, should the consortium be successful in acquiring the club.
"Leeds United is in a mess, and it's not something that's going to change overnight but we all want a return to the happy times of not so long ago."
Talks are on-going but promising enough for Lorimer's involvement to be officially revealed.
"We are extremely pleased that Peter Lorimer, whose name is synonymous with the club, has today agreed to become a director of Leeds United Football Club should our bid to acquire the club be successful," the statement read.
"The other area of his involvement will be liaising closely with the supporters, as the consortium believes that such links are often neglected and Peter is highly revered across Yorkshire and the wider football community. In the meantime negotiations are continuing."