NEW YORK (CNN/Money) - Kenneth Langone's efforts to buy the New York Stock Exchange and block its purchase of electronic trading firm Archipelago Holdings Inc. have apparently faltered, according to a published report.

The Wall Street Journal reports that while Langone's spokesman said he is still studying whether to launch a bid for the 213-year-old NYSE, his efforts have drawn little of the necessary support needed to succeed.

It reported Wall Street firms haven't jumped on board, and mutual funds, which are big users of the NYSE to handle their trades, also have declined to get involved. The newspaper reported that even one of Langone's advisers says it is unlikely he would be the lead player in any bid.

The planned NYSE-Archipelago deal would turn the exchange into a publicly traded company rather than a not-for-profit owned by those who own seats on the exchange, including Langone. The deal values the Big Board at $3.6 billion -- an amount Mr. Langone has said may be too low, the newspaper said.

Last month, Langone invited Wall Street executives and others to discuss a possible bid for the NYSE, the newspaper reported. Among those who reportedly attended were representatives from six Wall Street banks, including J.P. Morgan Chase & Co. and Merrill Lynch, as well as former Morgan Stanley and Credit Suisse First Boston executive John Mack.

But the newspaper said that most Wall Street players decided shortly after the get-together to study the Big Board's plan on their own, while Mack hasn't been involved in discussions.

The newspaper quotes a person familiar with the efforts to buy NYSE as saying if a bid materializes, it would likely be driven by the private-equity firms, not Langone. For one thing, Langone has said he would put up only about $25 million, or less than 1 percent of the exchange's value under the Archipelago deal, according to the newspaper.

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