Juan Carlos Emden, the Chilean grandson of Max Emden who bought French master Claude Monet's "Poppy Field near Vetheuil" in the 1920s, is seeking to recover the painting from the Swiss Bühlre collection, the Neue Zürcher Zeitung (NZZ) reported on Wednesday.
Max Emden was forced to flee Nazi Germany in 1933 for Ticino in Switzerland, where he built the Villa Emden to house his large art collection, including "Poppy Field near Vetheuil", one of Monet's most famous paintings.
After his death in 1940, his only son Hans Erich Emden was forced to sell his father's art collection in haste to finance his trip fleeing Europe for South America.
He sold the Monet for just 30,000 francs to a Jewish German merchant, who in turn sold it to Swiss citizen Emil Bührle for 35,000 francs.
According to NZZ, the painting is today valued at around 25 million francs ($27 million).
Juan Carlos Emden, who has reportedly been fighting for years to regain ownership of his grandfather's painting, is planning to travel to Zurich to discuss with his lawyers how to recover the masterpiece, the paper said.
The Bührle foundation, which houses a renowned collection that also includes other works by Monet, as well works by Manet, Renoir and Van Gogh among others, could not be immediately reached for comment.
"Poppy Field near Vetheuil" was stolen during a spectacular heist at the Bührle museum in Zurich in 2008 with three other works of art, but it was found several days later in the boot of a car in a Zurich parking lot.