Argyle say Ridsdale is one of many interested parties but admit they have been in "exploratory discussions" with the controversial 58-year-old.
A club statement read: "There has been speculation about the fact Peter Ridsdale has been spending some time meeting with executives from Plymouth Argyle Football Club.
"Peter has extensive experience in football and is just one of a number of parties that we have undertaken exploratory discussions with regard to potential future investment.
"If and when there is anything further to add we will do so at the appropriate time."
Source: PA
Source: PA