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Mr Theodore is known to privately favour a deal with the London Stock Exchange.
But hedge funds TCI and Atticus, which own significant stakes in both Euronext and Deutsche Börse, are keen for the two European exchanges to merge. A fund linked to TCI last week lodged a resolution for the Euronext annual general meeting to that effect.
The banks' move would come hot on the heels of a statement by a group of companies - advised by Rothschild - which are intent on buying a 5pc stake in Euronext.
The two movements are understood to be separate for now, although there is a possibility they could unite.
The banks are believed to hold a 5pc stake in Euronext between them already, but could double that in a bid to ensure that Mr Theodore's hand is not forced.
The separate group of companies are thought to include energy group Suez and insurer Axa.
The companies are all bound by the fact that they are listed on, or are investors in, Euronext.
News of the French banks' interest came as Deutsche Bourse chief executive Reto Francioni said he was impatient to agree a merger deal with Euronext.
Reports that Fidelity - once the London Stock Exchange's largest shareholder - has just sold the remnants of its stake in the LSE were played down by the British exchange, which pointed out that Fidelity sold its stake two months ago.
By James Quinn