Citing sources in Brussels, where Venizelos has been meeting with bankers, the paper said that under this scenario banks would receive 15 euros in cash and 35 euros in 30-year bonds with a 6 percent coupon for every 100 euros of debt they currently own.
The paper said, however, the exact proportion of bonds and cash could change.
Unlike a restructuring proposal agreed in July, the new bonds issued under this scheme would not have a guarantee from the euro zone's bailout fund, the European Financial Stability Facility (EFSF).
Instead, the cash payment would act as an incentive for investors.
A Greek banking source familiar with the talks, who confirmed that there would be no EFSF guarantee for the new bonds, said that there were still several different combinations of cash and bonds on the table, which could result in a different level of haircut.
The July agreement, reached by EU leaders with banks in an attempt to make Greece's debt sustainable, offered investors four options to choose from. Most chose the most expensive option for governments: a par bond exchange into 30 year bonds.
Kathimerini said the option put forward by Venizelos would cut Greece's outstanding debt by roughly 102.5 billion euros.
However, taking into account the subsequent need to recapitalize Greek banks, pension funds and insurers, the net benefit would be around 65-70 billion euros, the paper said.
The paper said Venizelos held talks on Tuesday with the head of the International Institute of Finance (IIF) banking association, Charles Dallara, which government sources said were "very positive."