According to The Guardian, the three companies have held informal talks about the operation. This isn't the first time BT has dipped its toe in the mobile market. In 2001, BT extracted itself from its mobile network venture with Cellnet after creating a £30bn debt.
Then in 2005, the company launched Fusion, a service that allowed users to make calls via BT broadband at home - when users went on the move with their handset, the calls automatically switched to Vodafone. However, the service proved unsuccessful and was later dropped.
It is reported chief executive Ian Livingstone has ordered a review of the venture.
See also: BT completes controversial Phorm trial