Norway-based Telenor could rope in Tata Teleservices for a strategic alliance.
It is expected that both companies will take final call after the rules for the upcoming auctions are clear, reported Hindu Business Line.
The report added that both companies have talked about multiple options, including merging Uninor's assets with Tata Teleservices.
Additionally, Telenor has another option to buy Japan-based NTT DoCoMo's stake in the company partially or fully. However, this option will be depending upon NTT DoCoMo's decision on the upcoming call option.
In February, following the Supreme Court's order that scrapped 122 mobile licenses, including 22 licenses of Uninor, Telenor parted ways with its Indian partner Unitech.
Since then, Telenor has been scouting for a strategic partner. The Norway-based operator is also exploring potential in a tie-up with Viom, a joint venture between Tata Teleservices and Srei Infrastructure.
Earlier, Japanese telecom giant NTT DoCoMo said it will raise its stake in its Indian joint venture with Tata Teleservices. Although, it is now expected that NTT DoCoMo could sell its stake in Tata Teleservices under a call option agreed between the two parties four years ago.
NTT DoCoMo may not exercise the option to raise its stake in Tata DoCoMo and could sell the entire stake back to Tata, as the company is unable to reach certain performance-related milestones.
According to sources, Tata Teleservices may have missed these milestones, which gives NTT DoCoMo a reason to leave the venture.
DoCoMo bought 26 percent stake in Tata Teleservices for $2.7 billion in 2008.
"This is not the first speculation regarding our future course in India that we will, as a policy, decline to comment on. We have always stated that we have a long-term intention in India and expect a fair auction framework that allows us to consider participation," said Mr Glenn Mandelid, spokesperson for Telenor Group, Asia.