The rescue bid follows the French group’s announcement on 5 Nov that it would close the plant by 2020 with the loss of 845 jobs.
Scotland’s finance and economy secretary Derek Mackay has since held talks with trade unions and Michelin managers to discuss alternative options.
Following these meetings, Mackay said he would convene an action group of interested parties “to explore all options to secure a sustainable future for the site.”
An initial meeting is to be held in Dundee on 12 Nov, with the action plan to be taken forward by Scottish Enterprise and Dundee city council.
A Scottish government statement added that Michelin has agreed to look in detail at any proposals for the future of the plant from the action group or trade unions.
“I have met members of Michelin’s group executive and they have agreed to consider a proposition that we will bring forward, to secure a sustainable future for the plant,” said Mackay.
“Having spoken to the council, the unions, local politicians and UK Government, I am confident there is a shared desire to work together to secure the best possible future for the site and its workforce,” he added.
"We are absolutely committed to putting in the effort with the workforce, the decision-makers at Michelin, the Scottish government and other partners… to achieve a positive outcome,” said John Alexander, leader of Dundee city council.