Shanghai authorities could decide whether to release Wang Yong later in the day, the state-run China Daily newspaper reported, citing Mr Wang's lawyer.
"We are not at liberty to explain the details of a bail application for our client, given the sensitivity of the case. We are waiting for the authority's response,'' Zhang Peihong, one of Wang's two lawyers, was quoted as saying.
Mr Wang's other lawyer, Yang Bailin, declined to confirm the application when contacted today.
Mr Wang was arrested on July 5 with two other Chinese executives and Australian national Stern Hu. They stand accused of industrial espionage and bribery during fraught iron ore negotiations with China.
Rio Tinto said on Friday it had suspended the talks in the wake of the arrests, which raised diplomatic tensions between Australia and China, and prompted widespread concern in the business community.
The other three Rio Tinto employees have not yet applied for bail and remain in police custody, the report said.
Mr Hu, the managing director of Rio's Shanghai office, was playing a leading role in the iron ore talks. Although Chinese-born, Mr Hu is considered an Australian national by China, which does not recognise dual nationality.
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