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鈥淲e are watching and waiting,鈥� said Alex Foulds, director of business planning at Tube Lines, which is responsible for the Jubilee, Northern and Piccadilly lines. 鈥淭here are different ways of slicing the cake.鈥�

He said Tube Lines had identified some sectors where it would make sense for it to take over. 鈥淭here are certain areas where we interface with Metronet and there would be some logic to taking those on,鈥� he said.

One example is the Piccadilly line. This is Tube Lines鈥� responsibility, apart from the section that runs parallel with the District and Circle line, which falls under Metronet鈥檚 remit.

鈥淭hat section is the worst performing of all the lines,鈥� said Foulds, 鈥渨hereas the rest of the Piccadilly line is the best. That doesn鈥檛 give the right message to passengers鈥�.

Foulds added that Tube Lines had not set up a separate team to look at Metronet opportunities. Instead, it is focusing on existing contracts so it is in the position to pick up extra work once the administrator, Ernst & Young, officially decides how to proceed.

Tube Lines has been more successful than Metronet in meeting targets, particularly in the station upgrade programme. Its work on the Northern line control centre in north London, for example, which includes a green roof, is almost complete. Metronet鈥檚 main problems and cost overruns have occurred on its station upgrade programme.

This week it emerged that Ernst & Young had appointed investment bank Rothschild to value Metronet鈥檚 operations and contracts. After the valuation process, expected to finish by the end of September, Ernst & Young will consider whether to invite formal bids.

London Underground said last week that it wanted to take two Metronet contracts back in-house for two years, and did not ruled out taking over permanently. It submitted a formal expression of interest to Ernst & Young.

Tim O鈥橳oole, managing director of London Underground, said: 鈥淲e seek to put in place a stable, economical and efficient structure, better able to deliver investment priorities.鈥� He said contracts would be restructured.