New-York based Sycamore Partners is closing in on a $10billion (£7.8billion) takeover of Walgreens, which owns high street chemist Boots.
Walgreens Boots Alliance has 8,700 stores in the US and 2,000 Boots stores in the UK.
Should it go through, The Times reports, a takeover would cast uncertainty over the future of Boots, although the UK chain is one of Walgreen's most successful assets.
In a failed 2019 effort, Walgreens attempted to go private when it was valued at over $55billion (£43billion), but the firm's market value has plummeted since, owing to weak retail performances from its US stores.
A staggering 80% has been wiped off the company's value in recent years, despite a cautious recovery at the beginning of 2025 surrounding speculation of private equity firm Sycamore Partners' interest in a takeover.
Since his arrival as Walgreens chief executive in 2023, Tim Wentworth has announced a raft of cost-cutting measures, axing multiple mid-level executives and closing 1,200 stores.