As merger mania sweeps the UK telecoms sector, Sky is believed to be the latest broadband provider looking at potential deals.
The Financial Times reports that Sky has hired advisers to explore merger and acquisition opportunities, ahead of an expected market consolidation.
Sky's main rival BT is reported to be in talks with O2 and EE as it looks to re-enter the mobile market, with both 4G operators believed to be up for sale.
There have also been suggestions that Three is interested in acquiring O2, as it looks to increase its mobile services market share.
With this in mind, Sky has turned to investment bank Lazard for advice, as it weighs up its expansion options.
Potential deals include an acquisition, a commercial arrangement with a mobile operator, and an attempt to win additional sports broadcast rights.
The Financial Times' source said other investment banks are expected to get involved in the advisory process.
Sky declined to comment on the reports. However, the firm's Chief Executive Jeremy Darroch claimed recently that it would be "logical" to have a mobile offering, with a number of other UK broadband providers introducing quad-play deals.