CVC Capital Partners is reportedly interested in acquiring Vivendi's stake in Telecom Italia (TIM).
Bloomberg reports that the company could potentially line up a takeover in the future, while the stake is valued at around $1 billion.
French media company Vivendi is the biggest shareholder in TIM with a 24 percent stake in the carrier.
However, the company publicly outlined its opposition to the sale of TIM's fixed network spin-off NetCo to investment firm KKR earlier this year, calling the sale "unlawful."
The deal, estimated to be worth as much as €22bn ($23.1bn), has been supported by Prime Minister Giorgia Meloni's government since 2022, which has taken a 20 percent stake.
Debt-ridden TIM said earlier this year that it expects the sale to reduce its debt by €14bn ($14.7bn)
Vivendi threatened legal action against TIM, after the company approved a sale last year without making it conditional on a vote by shareholders. Instead, the board voted 11-3 in favor of the deal.
Discussions over a deal are said to be in the early stages, with sources noting that there's no guarantee an agreement will be reached.
Bain Capital has also been named as a potential bidder for the stake in Italian media, while Apax Partners has also been touted.
If an agreement is reached between CVC and Vivendi, the deal would require regulatory approval.