The Trump administration is working with Oracle and a group of investors to take control of TikTok's global operations.
Microsoft is also believed to be considering an investment.
Officials from Oracle and the White House held a meeting on Friday about a potential deal, NPR reports, with another meeting set for next week.
Oracle has been TikTok's US cloud provider since 2022, a deal that was aimed at alleviating national security concerns after an attempted ban during the first Trump administration.
The move failed to stop a new ban in the final days of Biden's term, with TikTok taken offline in the US shortly before the deadline set by Biden that the app must be sold by ByteDance or banned.
Trump, however, signed an executive order seeking to delay the ban by 75 days, and said he would "save" the app.
It is not clear if the order is actually legal, as it cannot supersede the now-passed deadline set forth by Congress. While Oracle resumed hosting TikTok, Apple and Google have yet to return it to their app stores.
Larry Ellison, Oracle founder, was a major supporter of Trump's 2016 Presidential bid, and during the first Trump TikTok ban effort, Oracle and Walmart were set to take a 20 percent stake in 'TikTok Global,' which included US operations as well as other undisclosed nations.
That deal fell apart after Trump lost his reelection bid in 2020.
The latest effort would again see Oracle take a minority stake, supported by a group of outside investors. TikTok's China-based owner ByteDance would retain a minority stake in the company, but the app's algorithm, data collection, and software would be overseen by Oracle.
Currently, Walmart is not involved in this latest deal, NPR reports, potentially due to the high price of the social media platform. White House negotiators have said ByteDance believes TikTok could be worth at least $200 billion.
Microsoft is another potential investor, and launched its own bid back in 2020. CEO Satya Nadella called the negotiations with the White House and ByteDance “the strangest thing I’ve ever worked on.”
