X owner Elon Musk might be preparing to give $100 million to Nigel Farage in order to transform British politics, leading U.K. business executives and Conservative Party officials believe, The Times reported.

Musk suggested last week that Farage's Reform Party should form the next government.

This could remove the Conservative Party as the main challenger to Labour before the new leader of the opposition, Kemi Badenoch, has made her mark, and lead to an almost limitless number of anti-government advertisements from Reform.

The donation from Musk would likely be made through the British branch of X, which allows Musk to bypass rules regarding foreign donations to a political party, The Times reported.

Farage said he didn't know if Musk would donate but that he is in touch with him regularly.

"All I can say is that I'm in touch with him and he is very supportive of my policy positions. We both share a friendship with Donald Trump and Trump has said good things about me in front of Musk," he said.

"We've got a good relationship with him."

• Massad Boulos Picked as Middle Eastern Affairs Adviser
• Trump Threatens 100 Percent Tariff on BRIC Nations