In a statement Plymouth said: "Peter has extensive experience in football.
"He is just one of a number of parties that we have undertaken exploratory discussions, with regard to potential future investment."
It added: "If and when there is anything further to add we will do so at the appropriate time."
Plymouth Argyle recorded a £2.8 million loss for the 2008/09 financial year and the board have openly spoken of their desire to attract further investment.
What interests (worries) me is the structure (companies, directors, shareholders) of the organisation
anglo_dutch
Ridsdale was recently linked with a takeover bid at fellow League One side Charlton, reports that were denied by the former Leeds chairman as being "categorically untrue and without foundation".
Ridsdale was chairman of Leeds for six years, during which time they qualified for the Champions League and were a major force in the Premier League, before he resigned from the post in 2003.
Famously, he said the club was "living the dream" but that soon turned into a nightmare of financial problems, as they slid down from the top flight to League One.
After spell as chairman of Barnsley between 2003 and 2004, he took over Cardiff in 2005, helping their move to a new stadium before leaving earlier this year, when a Malaysian consortium took over the club.
Source: BBC Sport
Source: BBC Sport