Bruce Wasserstein, head of Lazard, could sell the investment bank rather than float it on the stock market, the Observer newspaper reported on Sunday.
The newspaper, citing unnamed sources, said although an initial public offering was still the most likely course of action, Wasserstein had received tentative approaches from Bank of America and Deutsche Bank.
"Either would be an excellent fit for Lazard, as both are keen to build up their mergers and acquisitions departments, an area where Lazard has a big footprint," one source was quoted by the paper as saying.