David and partner John Wardle sold their combined£44.6 million stake in the retailer to Pentland Group and stepped down from involvement in the business in May. The pair have already taken a£20 million stake in Manchester City Football Club, of which Wardle is now chairman and where both are staunch supporters.
Steve, who at 29 is the younger of the brothers and a Manchester United supporter, recently stepped down as buying director of JD's fashion division. Prior to that, he was director of men's apparel at the retailer.
A source close to the situation said: 'Steve has left JD on very amicable terms. He's been tying up loose ends since David left and now they want to look at opportunities.'
Any deal is unlikely to be in sportswear, but may be in men's fashion, in which both take a keen interest.
As well as Steve's buying experience, David, who is 42, was behind JD's Open fashion outlets. Wardle and David Makin opened the first JD store in 1981 and floated the business in 1996.
The retailer was built on the casual sportswear market, but in recent years has branched into fashion with fascias such as Open, Size? and Athleisure, in an effort to diversify away from an increasingly competitive sportswear sector.
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