Steven Cohen, founder of SAC Capital Advisors LP, is reportedly eyeing a return to the hedge fund business, The Wall Street Journal reported.

Cohen, who was at the helm of SAC Capital Advisors when it was charged with insider trading in 2013, is approaching the end of a mandated break from managing outside money. Now, Cohen is looking to raise $20 billion in a new fund, which could be the largest U.S. hedge-fund launch in history. At its peak, SAC Capital Advisors, now known as Point72 Asset Management LP, managed $16 billion, the Journal reported.

In 2016, the Securities and Exchange Commission banned Cohen from supervising funds that manage outside money until 2018 over charges that he failed to supervise then-portfolio manager Matthew Martoma, who had been conducting insider trading through one of SAC Capital Advisors' subsidiaries.

In the aftermath of the charges, SAC Capital Advisors reached an agreement with U.S. officials to pay $1.8 billion. The agreement also called for the company and its subsidiaries to plead guilty to securities fraud and wire fraud in relation to the insider-trading scheme.

But Cohen was able to maneuver around the SEC's ruling in part. In April 2016, Cohen formed Stamford Harbor Capital LP, a money management company that allows him to raise funds from outside investors before 2018. Cohen did not have any direct day-to-day responsibilities in the company, but he indirectly owns more than 25% through intermediate entities.

Cohen's new fund might use a so-called pass-through arrangement under which investors directly pay recurring expenses. To reach the $20 billion goal, Cohen is set to lower fees with his new fund, the Journal reported, citing "people familiar with the matter."