Vodafone is considering a bid for rival T-Mobile in a move that would create the UK's largest mobile operator, overtaking O2, according to the Financial Times.
Currently, O2 has a 27 percent share of the UK market, while Vodafone is in second place with 25 percent. T-Mobile has 15 percent of the market and is valued at between £2.5bn and £3.4bn, according to the FT.
T-Mobile's owner, Deutsche Telekom, has refused to comment on the rumour but the BBC claims the company has appointed JP Morgan to advise on "strategic options".
Any planned takeover would be subject to regulatory approvals.
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